REPORTS

Barchart - NY sugar prices Tuesday settled sharply higher after Thailand delayed implementing a tax on sugary beverages from October 1 until April 1.  The delay may keep consumer demand for the beverages strong and boost sugar demand from beverage producers who were otherwise expected to curb production with the implementation of the so-called "sweetness tax."  

Sugar prices were undercut Monday when researcher StoneX projected  Brazil Center-South 2023/24 sugar production would climb +5.7% y/y to 35.2 MMT.  StoneX also projected that global 2023/24 sugar production will climb +3% y/y to 194.4 MMT on rising supplies from Brazil, India, and Thailand.  StoneX also predicted a 2022/23 global sugar surplus of 3.9 MMT.