REPORTS

Barchart - Sugar prices retreated on Thursday, with NY sugar just above Tuesday’s 6-week low. Weakness in the Brazilian real (^USDBRL) is weighing on sugar prices after the real dropped to a 17-month low against the dollar Thursday, raising concerns about higher Brazilian sugar exports. 

The drop in the Brazilian real encourages exporters to sell more sugar, as they can get a higher dollar price for their sales. Brazil is the world’s largest sugar producer, accounting for about 23% of world sugar production and more than 50% of world sugar exports, according to the USDA.