March NY world sugar #11 (SBH26) closed on March 1 at +0.02 (+0.14%), while March London ICE white sugar #5 (SWH26) fell by -1.40 (-0.33%). Sugar prices exhibited a mixed outcome due to short covering after the Brazilian real reached a 1.5-month high against the dollar, limiting export sales from Brazilian producers.
Brazil’s cumulative sugar output for the 2025-26 season rose by +0.9% year-on-year to 40.222 million metric tons (MMT), as reported by Unica. Conversely, India’s sugar output surged by +22% year-on-year to 15.9 MMT for the same period, prompting speculation that India may increase sugar exports to alleviate domestic surpluses. Global sugar surplus estimates for 2025/26 have been raised, with Covrig Analytics predicting a surplus of 4.7 MMT, influenced by increased production in India, Thailand, and Brazil.
