**Sugar Market Update: October 2023**
On October 2, 2023, NY world sugar #11 closed at $17.82, up 0.25 cents (1.42%), while London ICE white sugar #5 saw no trading due to a UK holiday. Sugar prices have surged recently, with NY sugar reaching a 16.5-month high last Friday and London sugar hitting a 17-month high the previous Thursday. Market analysts attribute rising prices to forecasts indicating a global sugar deficit of 3.2 million metric tons for the 2026/27 season, alongside a projected 19% drop in EU sugar production to 13.4 million metric tons.
India’s sugar production forecast for the 2026/27 season has been adjusted to 33.6 million metric tons, a 12% increase, thanks to favorable monsoon conditions despite concerns of an El Niño impacting crop yields. Meanwhile, the European Union and UK forecast a decline to their lowest production levels in 11 years due to drought and adverse weather effects. Overall, the global sugar market remains under strain from various factors, including shifting production estimates and climatic challenges.
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