Yesterday’s closing dated –29/11/2023
◾London White Sugar – 734.70s (-3.50)
◾NYBOT Raw Sugar #11 – 26.86s (-0.13)
◾USD/BRL- 4.9060 (+0.0031)
◾USD/INR – 83.33 (0.0075)
◾Brent Crude – 83.10 (+1.42)
◾BSE Sensex – 66,901.91 (+727.71)
◾NIFTY50 – 20,096.60 (+206.90)
Sugar prices on Wednesday closed moderately lower, with NY sugar falling to a 4-week low. Increased sugar production in Brazil should alleviate supply concerns and is undercutting prices. On Wednesday, Conab raised its 2023/24 Brazil sugar production estimate to 46.9 MMT from an August estimate of 40.9 MMT.
Brazil has ramped up its sugar production this year as Unica on Monday reported that Brazil Center-South sugar output in the first half of November rose +30.9% y/y to 2.19 MMT and that sugar output in the 2023/24 crop year through mid-November rose +23.1% y/y to 39.412 MMT. Also, 49.41% of the crushed sugarcane was used for sugar production this year, an increase from 45.97% last year.
