INCREASED HARVEST RATE IN BRAZIL RAISES CONCERNS IN GLOBAL SUGAR MARKET

The sugar market experienced a week of declines due to the rapid harvest in Brazil, the world’s top exporter. Sugar futures closed lower on the London and New York stock exchanges. In New York, raw sugar fell to 19.30 cents per pound for July 2024. In London, white sugar also saw reductions, trading at USD 569.30 per ton for August 2024. In the domestic market, crystal sugar fell for the second consecutive day. Analysts warn of potential imbalances due to the increased harvest pace and logistical challenges, with low inventories adding to the market’s vulnerability.
Source: Portal do Agronegócio / Canal do Boi (*Translated by Ia Niani)