October New York world sugar #11 (SBV26) closed up 0.16 (0.91%) on Wednesday, while December London ICE white sugar #5 (SWZ26) fell down 1.90 (-0.37%). Concerns over rain in Brazil affecting sugarcane harvests supported sugar prices, although the London market declined following StoneX’s revised estimate of the 2026/27 global sugar deficit decreasing to -900,000 MT from -1.7 MMT.
In a recent report, 499,350 MT of sugar were delivered against the October London sugar contract, marking a significant 91% increase year-over-year and one of the largest deliveries on record for October, indicating weak physical demand. Commodity funds also hold excessive long positions, which could lead to further pressures on NY sugar futures.
The International Sugar Organization (ISO) forecasts a global sugar production decrease of 1% year-on-year in 2026/27, translating to a deficit of -200,000 MT, largely attributed to the El Niño weather pattern potentially impacting harvests in India and Thailand, two of the world’s largest sugar producers.
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