REPORTS

Barchart - Sugar prices Wednesday settled mixed, with London sugar falling to a 3-1/2 week low.  Sugar prices were under pressure most of the day Wednesday on the prospects for larger future sugar supplies.  StoneX Monday projected that Brazil Center-South 2023/24 sugar production would climb +5.7% y/y to 35.2 MMT.  StoneX projected that global 2023/24 sugar production would 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.

NY sugar recovered from early losses Wednesday and moved slightly higher after the Brazilian real (^USDBRL) climbed to a 1-week high against the dollar.  A stronger real discourages export selling from Brazil's sugar producers.