REPORTS

Barchart - Sugar prices Thursday gave up an early advance and closed slightly lower.  Concern that weak demand is boosting sugar supplies undercut prices after StoneX boosted its global 2022/23 sugar surplus estimate to 5.2 MMT from a Sep estimate of 3.9 MMT.  StoneX also predicts Brazil's 2023/24 Center South sugar production will climb +5.2% y/y to 35.6 MMT.

Sugar prices Thursday initially posted moderate gains after crude prices (CLF23) rose more than +1% to a 2-week high.  Higher crude prices benefit ethanol and may prompt Brazil's sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.