Morning Market Update- 28/03/2024

Yesterday’s closing dated –27/03/2024

◾London White Sugar – 645.60s (-7.80)

◾NYBOT Raw Sugar #11 – 22.19s (-0.20)

◾USD/BRL-4.9925 (+0.0060)

◾USD/INR – 83.326 (-0.015)

◾Brent Crude – 86.09 (-0.16)

◾BSE Sensex – 72996.31 (+526.01)

◾NIFTY50 – 22123.65 (+118.95)

Sugar prices on Wednesday posted moderate losses due to higher sugar production in Brazil. Unica reported Wednesday that Brazil’s Center-South sugar output in the first half of March was 64,000 MT, up +313% from the same time last year. Also, Brazilian sugar output so far in the 2023-24 marketing year through mid-March is up +25.8% y/y to 42.245 MMT. Brazil’s sugar mills have ramped up their cane crushing for more sugar and less ethanol. Mills have crushed 48.96% of total cane for sugar production this year, up from 45.93% last year.



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