Analysis Sugar

Sugar prices are picking up again

May 21, 2024 - Alex Jurvillier

The sugar prices in New York and London have been almost simultaneous in recent days. Last week, prices started to decline. Prices were corrected after the weekend. There was a clear increase in both quotations.

The American price stood at $411.82 per ton yesterday, and the one in London at $550.80 per ton.

Analysts write about various influences that pushed prices down last week, including the relatively strong sugar production of Brazil. Last Wednesday, market agency Unica reported an 84% year-on-year increase in the second half of April to 1.843 million tons.

The cause of the price increase after the weekend is not clear. Analysts write about a stronger Brazilian real, which indirectly caused prices to rise. ADM Investor Services reports that Chinese sugar imports so far this year are 23% higher than last year. This could mean increased demand and thus support for sugar prices.

Almost all sugar beets sown
Sugar producer Cosun reported last week that 9% of the sugar beet acreage still needs to be sown. There is a good chance that this was done during last week. The last obstacle was rainfall. Some fields would have been resown due to water damage. Until last Wednesday, 700 hectares were reported to have been resown, with slugs and leatherjackets as the main reasons.

Alex Jurvillier

Alex Jurvillier is a market specialist in sugar and cacao at DCA Market Intelligence. He also monitors the milk supply in the most important dairy countries and keeps an eye on developments in food.

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