Barchart - Sugar prices Monday followed crude prices (CLN22) lower. Strength in the Brazilian real (^USDBRL) Monday limited losses in sugar as the real rallied to a 1-month high against the dollar. The stronger real discourages export selling from Brazil sugar producers.
Ramped-up sugar output in India is bearish for prices after data from the Indian Sugar Mills Association (ISMA) reported that India's 2021/22 sugar production during Oct 1-May 15 rose +14.4% y/y to 34.88 MMT.
The outlook for bigger global sugar supplies is negative for prices. Green Pool Commodity Specialists on April 29 shifted its projection for the 2022/23 global sugar market to be in surplus by +1.41 MMT versus a January forecast of a -742,000 MT deficit.