Yesterday’s closing dated – 17/06/2024
◾London White Sugar – 548.50s (-13.60)
◾NYBOT Raw Sugar #11 – 18.98s (-0.45)
◾USD/BRL- 5.4206 (+0.0011)
◾USD/INR – 83.524 (+0.030)
◾Brent Crude – 84.25 (+1.63)
◾BSE Sensex – 76,992.77 (+181.88)
◾NIFTY50 – 23,465.60 (+66.70)
July NY world sugar #11 (SBN24) on Monday closed down -0.45 (-2.32%), and Aug London ICE white sugar #5 (SWQ24) closed down -13.60 (-2.42%).
Sugar prices retreated Monday on optimism that strong sugar production will continue in Brazil, the world’s largest producer. Unica reported last Friday that Brazil’s sugar production for the 2024/25 crop year through May is up +11.8% y/y at 7.837 MMT. Also, the percentage of Brazil’s 2024/25 sugar cane crop crushed for sugar rose to 47.88% from 46.68% last year.
