Sugar prices are mixed today, with March NY world sugar #11 up +0.35% and December London ICE white sugar #5 down -0.49%. London sugar hits a 4.75-year low due to ample global supplies, while Brazil and India forecast record sugar output, pressuring prices. Brazil’s real strength supports NY sugar prices, discouraging exports.

Brazil and India’s record sugar production estimates continue to weigh on prices. Brazil’s sugar output rises, with Center-South production up +1.3% y/y in October. India’s sugar crop forecast increases by 18.8% y/y. Signs of a bumper crop in India from abundant monsoon rains lead to expectations of higher sugar exports.

Bearish factors persist with India possibly exporting excess sugar and diverting less for ethanol production. Thailand also projects increased sugar production, adding to the bearish outlook. The International Sugar Organization forecasts a global sugar deficit for the 2025/26 season, but the USDA projects record global sugar production and consumption, leading to an increase in ending stocks.

Read more at Yahoo Finance: NY Sugar Prices Climb as the Brazilian Real Strengthens