On October 3, 2023, October NY world sugar #11 rose by 0.06 (+0.37%) to $16.31, while October London ICE white sugar #5 increased by 0.50 (+0.10%). Sugar prices climbed following a reduction in Brazil’s 2025/26 production estimate by Conab, the government crop forecasting agency, which lowered the figure by 3.1% to 44.5 million metric tons (MMT) from 45.9 MMT.
Despite recent pressures on sugar prices due to an anticipated increase in production, signs of rising global demand are emerging. China’s sugar imports surged by 76% to 740,000 MT in July, and Pakistan tendered for 200,000 MT of refined sugar. Conversely, increased production forecasts from India and Thailand, the second and third-largest sugar producers respectively, could negatively impact sugar markets, with India’s production projected to rise by 19% year-over-year for 2025/26 to 35 MMT.
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