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On October 2, 2023, sugar prices increased, with New York world sugar #11 (SBV25) up 0.15 (+0.94%) and December London ICE white sugar #5 (SWZ25) up 6.50 (+1.41%). New York sugar reached a 4-week high while London sugar hit a 1.5-week high, driven by a weaker dollar and stronger global demand, particularly from Pakistan, which ordered 320,000 MT of sugar for immediate delivery.
Despite the increase, analysts note a bearish outlook due to anticipated global surpluses. StoneX projects a 2.8 MMT surplus for the 2025/26 season, compared to a previous deficit of 4.7 MMT for 2024/25. Brazil’s sugar output surged by 18% year-over-year for the latter half of August, while India’s potential for increased sugar production, alongside favorable monsoon conditions, poses further challenges for price stability in the sugar market.
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