REPORTS

Barchart - Sugar prices shook off early losses on Tuesday and posted modest gains after Conab, Brazil's government crop forecasting agency, cut its Brazil 2025/26 production estimate by -3.1% to 44.5 MMT from a previous estimate of 45.9 MMT.  
Sugar prices have been under pressure over the past two weeks and posted 2-week lows last Monday on the outlook for Brazil's sugar mills to increase production. Last Monday, Covrig Analytics reported that Brazil's sugar mills are prioritizing sugar production over ethanol, crushing more cane for sugar. This trend is expected to continue as harvesting peaks, driven by drier cane crops that prompt mills to produce more sugar.