REPORTS

Barchart - Sugar prices Monday fell to 1-week lows as above-normal monsoon rain in India may boost sugar output in India and is bearish for sugar prices. The Indian Meteorological Department reported Monday that India received 225.7 mm of rain during the current monsoon season as of July 7, up +2% from the comparable long-term average of 221.6 mm.

Sugar prices are also under pressure after the Indian Sugar and Bio-energy Manufacturers Association (ISM) last Wednesday forecasted India's 2023/24 sugar reserves at 9.1 MMT and a surplus of 3.6 MMT and urged the government to reconsider allowing exports of surplus sugar. India extended restrictions on sugar exports from October 31 until further notice to maintain adequate domestic supplies. India allowed mills to export only 6.1 MMT of sugar during the 2022/23 season to September 30 after allowing exports of a record 11.1 MMT in the previous season. India is the second-largest sugar producer in the world.