After opening higher, sugar falls again in NY and London and futures lose more than 1%

Sugar futures prices experienced a decline of over 1% on both the New York and London Stock Exchanges on Monday. The drop was attributed to an improved supply outlook, with global sugar production forecasted to rise by 1.5% to 186.619 million tons in the 2024/25 season, according to the USDA and analyst Maurício Muruci from Safras & Mercado. This increased production has led to a downward pressure on prices, resulting in falls across various contracts in both markets.

Sugar futures prices began to fall on the New York and London Stock Exchanges this Monday (06). Prices began to rise early in the morning, but the advance quickly lost momentum and the main contracts began to show a decline of more than 1%. At around 12:00 pm (Brasília time), in New York, the March/25 contract was trading at 19.33 cents/lbp, a drop of 0.32 cents. The May/25 contract fell 0.26 cents, quoted at 18.01 cents/lbp. July/25 fell 0.18 cents, being traded at 17.65 cents/lbp, while October/25 lost 0.15 cents, to 17.66 cents/lbp. In London, the March/25 contract was trading at US$ 508.70 per ton, a drop of US$ 5.50 compared to the previous close. May/25 lost US$5.00, trading at US$509.00 per ton. August/25 fell US$5.00, to US$499.00 per ton, while October/25 fell US$4.80, trading at US$492.60 per ton. According to information from Barchart, sugar prices are being pressured by an ...