March NY world sugar #11 (SBH26) rose by 1.35% to a 1.5-week high, closing up +0.19. May London ICE white sugar #5 (SWK26) increased by 0.32%, closing up +1.30. This surge in sugar prices follows the US Supreme Court ruling that struck down President Trump’s tariffs, possibly allowing Brazil to increase sugar exports to the US, thereby tightening global supplies.
Brazil’s sugar production has shown volatility, with reports indicating a 36% year-on-year drop in production for the second half of January 2025, amounting to only 5,000 MT. However, cumulative production through January 2026 is up 0.9% year-on-year at 40.24 MMT. Meanwhile, India has ramped up sugar production by 22% year-on-year to 15.9 MMT for the 2025-26 season, and the government approved an additional 500,000 MT for export, adding pressure to global prices.
