Morning Market Update- 22/12/2023

Yesterday’s closing dated –21/12/2023

◾London White Sugar – 586.70s (-19.10)

◾NYBOT Raw Sugar #11 – 20.24s (-0.68)

◾USD/BRL- 4.8849 (0.0004)

◾USD/INR – 83.2775 (+0.1075)

◾Brent Crude – 79.39 (-0.31)

◾BSE Sensex – 70865.10 (+358.79)

◾NIFTY50 – 21255.05 (+104.90)

Sugar prices Thursday sold off, with NY sugar posting a 9-3/4 month low and London sugar posting a 9-month low. Sugar prices have been hammered over the last five weeks as Brazil ramps up sugar output. Last Tuesday, Unica reported Brazil’s Center-South sugar output rose +35% y/y in the second half of November and that sugar output in the 2023/24 crop year through November rose +23.5% y/y to 40.817 MMT. Meanwhile, Brazil exported 3.7 MMT of sugar in November, marking a new record for the month.


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