Sugar futures rose again on concerns about the global crop. In Thailand, the world’s third-largest producer, low rainfall is threatening production, while El Niño could further reduce rainfall over the next two years reported by Safras&Mercado.
Trading house Czarnikow estimates that Thai sugar production will fall for the first time in three years this season, to the second-lowest level since 2009/10.
The New York Mercantile Exchange (ICE Futures US) raw sugar contract ended Thursday’s electronic trading session with rising prices. Contracts for October 2023 delivery closed at 24.67 cents per pound, up 0.46 cents (+1.9%) from the previous close. March/2024 closed at 24.75 cents (+1.76%).
Source: Safras&Mercado