REPORTS

Barchart - Sugar prices settled higher on Monday. Sugar garnered support from a rally in the Brazilian real (^USDBRL) to a 2-week high on Monday, which discourages export sales from Brazil’s sugar producers.
Sugar prices have rallied sharply over the past two weeks, with NY sugar posting a 1.75-month high last Wednesday and London sugar posting a 9.75-month high last Thursday. Sugar prices have climbed amid concerns that weak monsoon rains in India will lower sugar yields and reduce the country’s sugarcane harvest, the world’s second largest. India’s Meteorological Department reported today that India’s cumulative monsoon rainfall was 20% below normal as of July 6. India’s Earth Science Ministry warns that this year’s monsoon in India could be the weakest in 11 years. India’s monsoon season runs from June through September.