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Sugar gains but prospect of elevated global production to weigh on sentiments
14-May-2025 12:08
Global Sugar prices edged up yesterday, recovering after a recent slide. The benchmark July NY sugar futures bounced from a three and half year low amid a near three percent rally in crude oil futures and edged up above 18 cents per pound. It ended with a spike of 2.70% at 18.18 cents per pound. Sugar has been under stress recently on hopes of higher production. Unica reported that Brazil Center-South sugar production for the first half of April rose 1.3% y/y to 731,000 MT. Conab has recently forecasted Brazil's 2025/26 Brazil sugar production would gain 4% y/y to 45.875 million MT. The USDA's Foreign Agricultural Service states that India's 2025/26 sugar production would rise 26% y/y to 35 million MT due to favorable monsoon rainfall. Prospect of elevated global production is set to weigh on the sentiments in near term.

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