As of today, May NY world sugar #11 (SBK26) has risen by +0.28 (+2.02%), reaching a 2.5-week high, while August London ICE white sugar #5 (SWQ26) is up +5.90 (+1.38%). This increase is largely driven by rising gasoline prices, which have hit a 3.75-year high, prompting sugar mills to redirect cane for ethanol production, thus reducing sugar supply.
Brazil’s initial report for the 2026/27 sugar season anticipates a -0.5% reduction in sugar output to 43.952 million tons, while ethanol production continues to climb, up +7.2% year-over-year to 29.259 billion liters. In contrast, Conab’s projections suggest a slight increase in Brazil’s 2025/26 sugar production to 44.196 million tons, while the USDA forecasts a larger 2025/26 global sugar output rising +4.6% to 189.318 million tons.
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