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On October 5, 2023, sugar prices were mixed, with October NY world sugar #11 remaining unchanged and October London ICE white sugar #5 rising by 0.40 points (0.09%). Prices stabilized after recent declines, aided by a 4-week high in the Brazilian real, which reduced export sales pressure from Brazil’s producers.
Brazil’s Center-South sugar output increased by 15% year-on-year to 3.4 million metric tons (MMT) in early July, contributing to recent price dips, while India’s sugar production is expected to rise significantly in the 2025/26 season to 35 MMT, increasing bearish pressure on global prices. The USDA anticipates a record global sugar production of 189.318 MMT for the same period.
Conversely, a surge in sugar imports by China, up 1,435% to 420,000 MT in June, along with Coca-Cola’s shift to cane sugar, may support prices. The International Sugar Organization revised its global sugar deficit forecast to -5.47 MMT for 2024/25, indicating a tightening market.
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