Sugar prices settle lower on an expected sugar surplus in India


October NY world sugar #11 on Wednesday closed down -0.08 (-0.39%), and Aug London ICE white sugar #5 closed down -8.80 (-1.51%).

It is reported by Barchart.

Sugar prices gave up an early advance and posted moderate losses after the Indian Sugar and Bio-energy Manufacturers Association forecasted India's 2023/24 sugar reserves at 9.1 MMT and a surplus of 3.6 MMT and urged the government to reconsider permitting 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.