October NY world sugar #11 (SBV25) rose by +0.29 (+1.78%) and August London ICE white sugar #5 (SWQ25) increased by +17.30 (+3.69%) on October 9, 2023. The USDA announced that the U.S. will limit specialty sugar imports to only what international trade laws require, aligning with Secretary Rollins’ Farmers First policies.
In contrast, Pakistan significantly lowered its sugar tender from 300,000 MT to 50,000 MT amid concerns over domestically inflated prices. Additionally, projections indicate a global sugar surplus of 7.5 million metric tons for the 2025/26 season, which would be the largest in eight years, according to commodities trader Czarnikow.
In India, sugar production for the 2025/26 season is expected to rise by 19% year-on-year, reaching 35 million metric tons due to favorable conditions. Conversely, Brazil’s sugar output through June fell by 14.3% year-on-year to 12.249 million metric tons, indicating reduced production in that region while the International Sugar Organization raised its global sugar deficit forecast to a nine-year high of 5.47 million metric tons.
