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ICE sugar ends marginally higher on reduced Brazil sugar production

29 Jun 2022 8:11 am
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Mumbai, 29 Jun (Commoditiescontrol): ICE raw sugar futures closed higher on Tuesday after hitting a near four-month low in the prior session, as top producer Brazil's sugarcane crush data for early June came in short of estimates.

ICE July raw sugar ended up 1.3%, or 0.23 cent, at 18.53 cents per lb, after slumping to its weakest since March 1 at 18.20 cents on Monday. August London white sugar rose $10.90, or 2.0%, at $552.50 a tonne.

Sugarcane crushing in Brazil's center-south fell short of market estimates in the first half of June amid adverse weather. Also helping sugar, global shares and oil rose following China's move to ease COVID-related requirements.

In bearish news, India is considering allowing mills to ship out stocks of raw sugar.

The outlook for larger sugar crop sizes in India and Thailand is bearish for sugar prices. On April 15, the ISMA raised India's 2021/22 sugar production estimate to 35 MMT from 33.3 MMT, up 12.2% on year, and said sugar exports would jump to a record 9 MMT. India is the world's second-largest sugar producer.

The Indian Sugar Mills Association (ISMA) recently reported that India's 2021/22 sugar production from Oct 1-May 15 rose 14.4% on year to 34.88 MMT. Meanwhile, Thailand's Office of the Cane & Sugar Board estimated that Thailand would export 7 MMT of sugar this (2021/22) marketing year. Thailand is the world's second-largest sugar exporter.

A bearish factor for sugar was the projection from Conab on April 27 for Brazil 2022/23 sugar production to increase by 15% on year to 40.3 MMT as the crop recovers from the past season's adverse weather. Also, the USDA's FAS on April 22 projected Brazil's 2022/23 sugar production would climb 2.9% on year to 36.37 MMT and that 2022/23 Brazil sugar exports would increase by 3.7% on year to 26.6 MMT.

Sugar Oct '22 futures may find support at 18.36 cents and resistance at 18.62 cents.

(By Commoditiescontrol Bureau: +91-22-40015505)

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