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SUGAR REPORT | 24.05.2022 | MARKET NEWS | SEBAT GROUP

SUGAR REPORT | 24.05.2022 | MARKET NEWS

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.



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