**Sugar Prices Decline Amid Demand Concerns**
As of October 10, 2023, October NY world sugar #11 is down 0.02 cents (-0.11%), and December London ICE white sugar #5 is down 5.30 cents (-1.04%). This decline is attributed to weak demand signals, with McDougall Global Views reporting that the open interest in the October NY sugar contract suggests delivery could reach approximately 1.8 million metric tons (MMT), surpassing the six-year average.
On October 3, the October London sugar contract experienced its largest October delivery on record, totaling 499,350 MT, marking a 91% increase year-over-year. Additionally, StoneX has revised its 2026/27 global sugar deficit estimate to -900,000 MT, down from a prior estimate of -1.7 MMT, further impacting sugar prices. Global production concerns are heightened, particularly with India’s monsoon rainfall recorded 15% below normal, which may lead to lower sugar outputs in key producing countries.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
