**Sugar Prices Decline Amid Projected Surplus in India**
On April 17, 2023, May NY world sugar #11 (SBK26) fell by 0.08 cents (-0.54%) to $14.74, while August London ICE white sugar #5 (SWQ26) decreased by 4.50 cents (-1.01%) to $440.30. The decline followed a USDA report indicating India, the world’s second-largest sugar producer, expects a surplus of 2.5 million metric tons (MMT) for the 2026/27 season, marking India’s first surplus in two years.
Additionally, Brazil’s sugar production is also under scrutiny, with Unica reporting an 11.9% year-on-year drop in 2026/27 sugar output for the first half of April, totaling 647 MMT. The USDA projects Brazil’s sugar production will decline by 3% year-on-year to 42.5 MMT, as millers divert more cane for ethanol. This follows a global trend, with Covrig Analytics revising down its estimate for the 2026/27 global sugar surplus to 800,000 MT, down from 1.4 MMT previously.
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