Yesterday’s closing dated –12/04/2024
◾London White Sugar – 629.10s (+1.00)
◾NYBOT Raw Sugar #11 – 20.45s (-0.40)
◾USD/BRL- 5.1180 (+0.0263)
◾USD/INR – 83.616 (+0.268)
◾Brent Crude – 90.15 (+0.41)
◾BSE Sensex – 74,244.90 (-793.25)
◾NIFTY50 – 22,519.40 (-234.40)
Sugar prices Friday settled mixed, with NY sugar falling to a 3-1/2 month low. Increased sugar output in Brazil is undercutting sugar prices after Unica on Friday reported that Brazil’s Center-South sugar output in the second half of March was 183,000 MT, up +9% from last year. Also, Brazilian sugar output so far in the 2023-24 marketing year through March is up +25.7% y/y to 42.425 MMT. Brazil’s sugar mills have ramped up their cane crushing for more sugar and less ethanol. Mills have crushed 48.87% of total cane for sugar production this year, up from 45.86% last year.
