Yesterday’s closing dated –21/12/2023
◾London White Sugar – 586.70s (-19.10)
◾NYBOT Raw Sugar #11 – 20.24s (-0.68)
◾USD/BRL- 4.8849 (0.0004)
◾USD/INR – 83.2775 (+0.1075)
◾Brent Crude – 79.39 (-0.31)
◾BSE Sensex – 70865.10 (+358.79)
◾NIFTY50 – 21255.05 (+104.90)
Sugar prices Thursday sold off, with NY sugar posting a 9-3/4 month low and London sugar posting a 9-month low. Sugar prices have been hammered over the last five weeks as Brazil ramps up sugar output. Last Tuesday, Unica reported Brazil’s Center-South sugar output rose +35% y/y in the second half of November and that sugar output in the 2023/24 crop year through November rose +23.5% y/y to 40.817 MMT. Meanwhile, Brazil exported 3.7 MMT of sugar in November, marking a new record for the month.
