Raw sugar prices dropped on Wednesday as the start of the sugarcane harvest in Brazil’s Centre-South region progressed well, reinforcing expectations of strong global supply, reports Tradingview.
Raw sugar futures on the ICE exchange fell by 1.8%, or 0.31 cent, to 17.13 cents per pound, moving closer to a more than three-year low of 16.97 cents, which was reached earlier this month.
Traders noted a lack of strong buying interest, with speculators continuing to hold a net short position as signs of rising global sugar supply weigh on the market. Brazil’s new sugarcane crop is off to a good start, and India’s next season is also expected to be strong, supported by good monsoon rains.
The U.S. Department of Agriculture (USDA) recently forecast a 26% rise in India’s sugar output for the 2025-26 season, adding to the outlook for increased global supply.
White sugar prices also declined, falling 1.7% to $485.40 per metric ton.
