**Sugar Prices Decline Amid Weak Demand**
On October 4, 2023, October NY world sugar #11 (SBV26) closed down 0.19 cents (-1.07%), while December London ICE white sugar #5 (SWZ26) dropped 3.20 cents (-0.63%). Concerns over weak physical sugar demand are underscored by current open interest in the expired October NY sugar contract, suggesting delivery could total around 1.8 million metric tons (MMT), exceeding the six-year average.
Projected global sugar production for the 2026/27 season is estimated to decline by 1% to 180.1 MMT, with the International Sugar Organization (ISO) forecasting a deficit of 200,000 MT, primarily driven by the impact of El Niño on harvests in major producing regions like India and Thailand. The USDA anticipates a 6.5% decrease in global sugar production for 2026/27, projecting it to fall to 184.854 MMT, while human sugar consumption is expected to reach a record 179.991 MMT.
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