On October 3, 2023, October NY world sugar #11 (SBV26) rose by 0.63%, closing at +0.11, while December London ICE white sugar #5 (SWZ26) increased by 0.08%, closing up +0.40. This price recovery came amid concerns that persistent rains in Brazil are hampering the sugarcane harvest, following recent lows driven by demand uncertainty.
In related data, 499,350 MT of sugar were delivered against the October London sugar contract, marking a 91% year-on-year increase. This delivery is one of the largest ever recorded for an October contract, indicating weak physical demand. Commodity funds have accumulated long positions in NY sugar, reaching 161,342 net long positions—an increase of 791 from the previous week, the highest level in nearly three years. Additionally, global sugar forecasts indicate potential deficits ahead; the International Sugar Organization projects a 2026/27 deficit of 200,000 MT amid declines in production from key sugar-exporting countries like Brazil and Thailand.
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