In New York, raw sugar futures fell by as much as 3.7% to touch their weakest intraday point since September 23, while London white sugar prices also tracked downward. A depreciating Brazilian real has prompted South American mills to accelerate outbound shipments, compounding the bearish pressure. Meanwhile, the latest CFTC data confirms speculative investors reduced their net-long positions to a four-week low amid end-of-year profit-taking.
Key points
Earlier cane crushing in India has created an immediate supply surge that weakens near-te…: Earlier cane crushing in India has created an immediate supply surge that weakens near-term import demand.
Currency depreciation in Brazil is motivating producers there to increase exports despite…: Currency depreciation in Brazil is motivating producers there to increase exports despite recent harvest volume reductions.
Potential weather disruptions driven by a strong El Niño in Brazil could eventually count…: Potential weather disruptions driven by a strong El Niño in Brazil could eventually counter the current downward price momentum.
Sources checked by our analysis pipeline: 1
Sugar slid after data showed Indian production is running well ahead of last season, deepening a slump that has futures down more than 13% from last month’s peak.
Raw sugar futures in New York fell as much as 3.7% to their lowest intraday price since Sept. 23. White sugar in London was also down.
India produced 845,000 tons of the sweetener this season to the end of October, more than eight times the output from the same period last year, data from the National Federation of Cooperative Sugar Factories Ltd. showed.
While mills have been crushing cane earlier than last year and the Indian government has taken steps to stabilize local supplies, the data rattled a market where prices had surged because of tight stockpiles in the top sugar-consuming country.
India’s strong start to the season is not a surprise, according to Delhi-based analyst Harsh Soni of Greenleaf Consultancy. “But when reality strikes, markets react,” he said.
Sugar had surged for much of the year, buoyed by fears that a super El Niño will curb yields and push the global…
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