Yesterday’s closing dated – 26/161/2024
◾London White Sugar #5 (SWH25) – 555.20s (+9.60)
◾NYBOT Raw Sugar #11 (SBH25) – 21.57s (+0.42)
◾USD/BRL- 5.8122 (+0.0027)
◾USD/INR – ₹ 84.299 (+0.031)
◾Corn (ZCZ24) – c/lb 420-6 +0-6
◾Ethanol Chicago $/gal – 1.62000s (unch)
◾Brent Crude – $72.81 /bbl (-0.20)
◾BSE Sensex – 80004.06 -105.79
◾NIFTY50 – 24194.50 (-27.40)
March NY world sugar #11 (SBH25) Tuesday closed up +0.42 (+1.99%), and March London ICE white sugar #5 (SWH25) closed up +9.60 (+1.76%).
Short covering Tuesday pushed sugar prices higher after Citigroup forecasted global sugar deficits for the 2024/25 and 2025/26 crop years. Citigroup projects a 2024/25 global sugar deficit of -2.3 MMT and a 2025/26 global sugar deficit of -1.3 MMT, citing prolonged drought and excessive rains that followed in Brazil’s Center-South, the country’s main sugar-growing region.
