REPORTS

Barchart - Sugar prices Wednesday settled mixed.  NY sugar had support Tuesday from a rally in the Brazilian real (^USDBRL) to a 1-week high against the dollar.  The stronger real discourages export selling from Brazil's sugar producers.  

Sugar prices also had carry-over support from Tuesday when Brazil's state-owned oil company Petrobras raised gasoline prices by more than +7% to distributors.  Strength in gasoline is supportive of ethanol prices, and higher ethanol prices may prompt Brazil's sugar mills to boost ethanol production at the expense of sugar.

Sugar prices are being undercut by concern India might boost its sugar exports.  India's Food Secretary Chopra said last Thursday that India has the potential to allow additional sugar exports and will assess domestic demand before deciding whether to allow more sugar exports next month.