Once again, sugar futures contracts closed with a drop on international stock exchanges. In New York and London, the market continues to be affected by data from Unica (Union of the Sugarcane and Bioenergy Industry) on crushing growth of 40.5% in the 1st half of October. Other facts that influence the negotiations are the good outlook for the 2023/24 crop and the new crop in India. According to the world’s largest international news agency, Reuters, funds may have more to liquidate over the next few weeks but are unlikely to take the market much lower given the strength of nearby versus later-dated sugar futures.
Source: União Nacional da Bioenergia – UDOP (*Translated by Ia Niani)