REPORTS

Barchart - Sugar prices Tuesday posted moderate losses for a second day.  A more than -4% slump in WTI crude oil prices (CLJ23) Tuesday to a 3-month low weighed on sugar prices.  Lower crude prices undercut ethanol prices and may prompt global sugar mills to divert more sugarcane crushing toward sugar production rather than ethanol, thus boosting sugar supplies.

Since last Friday, sugar prices have been on the defensive when Unica reported that Brazil's 2022/23 sugar production through Oct-Feb rose +4.5% y/y to 33.504 MMT.  Also, Datagro last Wednesday projected that 2023/24 sugar production in Brazil's Center South would climb by +13.1% y/y to 38.3 MMT.  Brazil is the world's largest sugar producer.