⛏Sugar No.11 Futures
SUGAR
± MixedSupplyrelevance
Mixed supply signals: Brazil output down, Thailand up, ISO deficit lowered, USDA record production.
Impact on assets 1
Others
Sugar prices are little changed as they consolidate above Monday's significant lows, with March NY world sugar #11 down 0.03 and March London ICE white sugar #5 up 0.60. The International Sugar Organization lowered its 2024/25 global sugar deficit forecast to 2.51 million metric tons from an earlier 3.58 million metric tons, while raising its 2023/24 surplus estimate to 1.31 million metric tons. Brazil's Center-South sugar output fell 59.2% year-over-year in the first half of November, and cumulative 2024/25 production through mid-November is down 3.0% to 38.274 million metric tons, though a weaker Brazilian real encourages export selling. Thailand's 2024/25 sugar production is projected to jump 18% to 10.35 million metric tons, adding bearish pressure, while India's potential export curbs and a 1.1% year-over-year decline in global production forecast by the ISO provide support. The USDA projects record global 2024/25 sugar production of 186.619 million metric tons and record consumption of 179.63 million metric tons, with ending stocks declining 6.1% to 45.427 million metric tons.
Mixed supply signals: Brazil output down, Thailand up, ISO deficit lowered, USDA record production.