Raw sugar futures were at 20 cents per pound, rebounding from the 14-month low of 19.3 touched on April 17th as unfavorable weather momentarily pushed back against the backdrop of strong supply and weak currencies for major producers. Forecasts of dry weather at the end of April for key growing regions of Brazil outweighed earlier hopes that adequate rainfall would continue to support ample crops from the world’s top producer and exporter. This pushed back against recent data from industry group Unica, which showed that sugar production in the region surged by 25.7% so far this marketing year. Persistent weakness in the Brazilian real and the Indian rupee also prevented a sharper rebound, allowing local farmers to decrease prices to favor a greater volume of sales.
Sugar decreased 0.82 Cents/LB or 3.96% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Sugar reached an all time high of 65.20 in November of 1974. Sugar - data, forecasts, historical chart - was last updated on April 26 of 2024.
Sugar decreased 0.82 Cents/LB or 3.96% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Sugar is expected to trade at 19.67 Cents/LB by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 18.21 in 12 months time.