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On March 31, 2024, sugar prices showed an uptick, with March NY world sugar #11 rising by 0.77% to $14.38 and December London ICE white sugar #5 up 0.41% to $415.90. The increase followed a rally in the Brazilian real, which reached a 2.5-week high against the dollar, discouraging export sales from Brazil.
Recent reports indicate that Brazil’s sugar output in the second half of September increased by 10.8% year-on-year to 3.137 million tonnes (MT), contributing to a global sugar surplus projected at 10.5 million MT for the 2025/26 season. Furthermore, India’s sugar production is expected to surge by 19% year-on-year to 34.9 MT, aided by favorable monsoon conditions.
In Thailand, the sugar crop is forecasted to rise by 5% year-on-year to 10.5 MT for 2025/26, leading to bearish expectations for sugar prices amid an overall increased global supply. According to the USDA, global sugar production for 2025/26 may hit a record 189.318 million MT, surpassing consumption growth.
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