Market update summary The spot ICE11 raw sugar price peaked at 28.14 cents per pound in November 2023. A weak AUD through October-November 2023 saw forward sugar prices in Aussie dollar terms surge to multi year highs. Significant upward revisions to Brazil’s forecast sugarcane crop in late 2023 resulted in a large raw sugar sell-off…
The sugar market has lost some of its lustre over the past couple of weeks as several events have shaken the confidence of investors across financial markets. Sugar has also been hit by some negative fundamental news of late as the spot price of sugar dropped to its lowest level in 12 months this week….
The spot value of sugar fell to a 3-month low of 18.30 cents per pound last Thursday 12th of May before staging a remarkable recovery through the next few days to peak at 20.24 c/lb on Tuesday night. This quick run up in value has coincided with a weak Aussie dollar which has been trading…
Centre South Brazil Brazil’s harvest will commence in April, current estimates for the crop are around 560-565 million tonnes of cane compared to 525m in 2021. In the first half of March Brazilian state-owned fuel distributor Petrobras announced adjustments to gasoline and diesel prices after almost 2 months of frozen prices. From Friday 11th March, the…
Market Headlines Raw sugar prices remained well supported through the second half of September and into October as multiple fundamental factors combine to keep a floor in the world price: Drought and frost in Brazil has reduced the 2021 crop size by an estimated 75 million tonnes of cane (12%) compared to 2020. Brazil’s Centre…
Market Headlines Sugar found relative stability through the back half of August and into September trading mostly within the 19 US cents per pound range for this period. This has meant a spot value of sugar hovering around AUD 600 per Metric Tonne (MT) and the forward 2022 value holding a round AUD 550 with…
Market Headlines Sugar broke through its previous price range in late July pushing above 18 cents per pound as the market began buying into the news of large frost damage in Brazil on top of an already drought stressed crop. The UNICA report released on 10 August went some of the way to confirm that…
Market Headlines The sugar market continues to trade between 16 and 18 US cents per pound pushing above 18 c/lb briefly in early July as frosts impacted Southern areas of Brazil. At the time of the frosts the market reacted strongly to the possibility that substantial damage may be done to the crop currently being…
Market Headlines Over the past month the sugar market has plateaued near its recent peak around $500 per metric tonne. A strengthening macroeconomic picture and continued concerns surrounding Brazil’s cane crop have buoyed the market.Brazil is more than 2 months into the official start of their crushing season. However, it is important to note that…
2021 Forward Pricing & Pool Update After beginning April at a spot value of 14.77 US cents per pound sugar sustained a rally for most of the period, peaking at 18.14 c/lb on the 12th of May. During the past 6 weeks MSF has filled a significant volume of grower orders via the 2021 season…
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