On October 10, 2023, sugar prices saw an uptick with October NY world sugar closing at 14.90 cents per pound, an increase of 0.88%, while August London ICE white sugar rose by 0.06% to $478.30 per metric ton. This rise followed Brazil’s approval of a higher ethanol blend in gasoline, increasing the mandatory blend of anhydrous ethanol from 30% to 32%, which may shift sugar production toward ethanol.
Earlier on October 9, sugar prices had fallen to a two-week low due to improved monsoon conditions in India, where rainfall was noted at 19% below normal, an improvement from 42% below normal in late June. Moreover, concerns about dry weather due to the El Niño phenomenon could impact global sugar production, particularly affecting Brazil, India, and Thailand, the top three sugar-producing countries.
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