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As of today, March NY world sugar #11 (SBH26) has increased by +0.01 (+0.07%), while March London ICE white sugar #5 (SWH26) has decreased by -2.90 (-0.68%). The mixed pricing is influenced by a significant surge in sugar production in India, with the India Sugar Mill Association (ISMA) reporting a 43% year-on-year increase in sugar production to 4.11 MMT for the October-November period.
Brazil is also projected to boost its sugar output, with Conab estimating the 2025/26 production at 45 MMT, up from 44.5 MMT. In the first half of November, Brazil’s Center-South sugar output rose by +8.7% year-on-year, totaling 983 MT. The International Sugar Organization (ISO) forecasts a sugar surplus of 1.625 million MT for 2025-26, shifting from a deficit of 2.916 million MT in 2024-25, driven by increased production in India, Thailand, and Pakistan.
India’s food ministry has also approved a reduction in sugar export quotas for the 2025/26 season to 1.5 MMT, down from earlier estimates of 2 MMT, while the USDA projects global sugar production for 2025/26 to rise by +4.7% year-on-year to a record 189.318 MMT.
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