**Sugar Prices Drop as Brazilian Real Weakens**
On October 30, July NY world sugar prices fell by 1.60% to $14.74, while August London ICE white sugar prices decreased by 1.20% to $440.10. This marks a second consecutive day of declines, largely attributed to a weakening Brazilian real, which hit a five-week low against the dollar, bolstering export sales from Brazil.
Simultaneously, supply concerns have emerged as India announced a ban on sugar exports until September 30, 2023, to safeguard local availability. Recent estimates from Datagro predict a global sugar surplus deficit of 3.17 million metric tons for the 2026/27 season, while projections by Citigroup suggest Brazil’s sugar production may fall to 39.5 million metric tons, significantly lower than the Conab estimate of 43.95 million metric tons.
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