Yesterday’s closing dated –04/02/2024
◾London White Sugar – 593.00s (-9.60)
◾NYBOT Raw Sugar #11 – 20.60s (-0.49)
◾USD/BRL- 4.9462 (0.0004)
◾USD/INR – 82.924 (+0.075)
◾Brent Crude – 82.80 (-0.75)
◾BSE Sensex – 73872.29 (+66.14)
◾NIFTY50 – 22405.60 (+27.20)
Sugar prices on Monday tumbled to 2-month lows. Rising sugar production in Brazil, the world’s largest sugar producer, is undercutting prices. Last Tuesday, Unica reported that Brazil’s Center-South sugar output surged +1051% y/y in the first half of February to 27,000 MT and that sugar output in the 2023/24 crop year through mid-February rose +25.6% y/y to 42.158 MMT. Meanwhile, more sugarcane is being crushed for sugar than ethanol, as 49.04% of cane was crushed in the 2023/24 crop year through mid-February for sugar production compared to 45.95% last year.
