REPORTS

Barchart - Sugar prices on Tuesday closed mixed, with continued downward pressure from Monday's forecast from Brazil's Rural Clima for beneficial rain in Brazil through August 10 that would improve soil moisture for sugar crops.

A lack of recent rain in several sugar-growing regions worldwide supports sugar prices.  Maxar Technologies said last Wednesday that hot and dry conditions in France and Germany threaten to lower sugar beet yields in the European Union and that India's sugarcane around the Ganges River Basin received below-normal rainfall in June and July.  

Sugar prices have recently been undercut as India said it would allow additional sugar exports.  India's government last Friday confirmed that it would allow a further 1.2 MMT of sugar exports for the year ending September 30 to help India's sugar mills from defaulting on export contracts.  That would be on top of the current quota of 10 MMT for a total of 11.2 MMT of sugar exports.