Yesterday’s closing dated –13/12/2023
◾London White Sugar – 627.60s (-12.10)
◾NYBOT Raw Sugar #11 – 21.97s (-0.62)
◾USD/BRL- 4.9200 (0.0003)
◾USD/INR – 83.4000 (+0.0125)
◾Brent Crude – 74.26 (+1.02)
◾BSE Sensex – 69,584.60 (+33.57)
◾NIFTY50 – 20,926.35 (+19.95)
Sugar prices Wednesday closed lower but remained above Tuesday’s lows on signs of more robust sugar production in Brazil.
On Tuesday, NY sugar posted an 8-1/2 month low, and London sugar posted a 5-1/2 month low, as Brazil ramped up sugar output. On 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.
