The May futures on the world sugar №11 in New York (SBK24) closed trading on Thursday down -0.52 (19.16; -2.60%). The August contract for London white sugar ICE №5 (SWQ24) also ended with a decline of -13.00 (563.60; -2.25%). This information is reported by Barchart.
Sugar prices fell on Thursday due to expectations of increased sugar production in Brazil. The Brazilian Agricultural Research Corporation Conab forecasts that sugar production in Brazil in 2024/25 will increase by +1.3% compared to the previous year, reaching a record 46.292 million tons. This is due to the expansion of areas allocated for sugar cane crops, which will increase by +4.1% to 8.7 million hectares (21.5 million acres) in 2024/25, the highest value in the last seven years. However, Conab lowered its forecast for sugar production in Brazil for the 2023/24 marketing year by -2.6% to 45.7 million tons, compared to the previous estimate of 46.9 million tons made in November.