REPORTS

Sugar prices on Wednesday closed lower on a larger-than-expected sugarcane crush in Brazil. Unica reported Wednesday that the total amount of sugarcane crushed in the first half of November fell -38% y/y to 12.5 MMT, which was a smaller-than-expected decline than expectations of -57% y/y to 8.7 MMT. The total amount of sugar produced fell -49.7% y/y to 626,000 MT.

Sugar prices on Tuesday fell to a 2-week low on robust sugar export sales from India.  The Indian Sugar Mills Association (ISMA) said India currently has an opening balance of +8.18 MMT of sugar as of Oct 1 and needs to export about 6 MMT in 2021/22, although that would be 15% y/y less than 7.1 MMT in 2020/21.  Millers have shipped 270,000 MT of sugar in Oct and are expected to export more than +200,000 MT in Nov.