July NY world sugar #11 closed down $0.39 (-2.54%) on Thursday, while Aug London ICE white sugar #5 fell by $12.50 (-2.74%). The drop in sugar prices was triggered by a rise in the dollar index to a two-week high, prompting long liquidation in sugar futures.
Indian authorities have banned sugar exports for four months to secure local supplies, contributing to a tighter global sugar outlook. Datagro revised its projection for the 2026/27 global sugar surplus deficit to 3.17 million metric tons (MMT), up from a previous estimate of 2.26 MMT. Furthermore, Citigroup forecasts Brazil’s sugar production for 2026/27 at 39.5 MMT, significantly lower than the national estimate of 43.95 MMT, due to increased allocation of cane for ethanol production amidst rising gasoline prices.
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