Daily Sugar Price Tracker with Vanessa Clark
https://www.instagram.com/vanessaclarkipai This is your Sugar podcast. Welcome back to the Daily Sugar Price Tracker. I am your host, Vanessa Clark, and today we are talking about what is happening right now in the global sugar market and the latest sugar price. On the futures side, July New York world sugar number eleven, the key global benchmark, is trading around 13 point 9 cents per pound, based on the latest United States sugar futures data from ChiniMandi. That is up a bit on the day, but still near a one and three quarter month low after a recent pullback. In London, August white sugar futures are trading close to 451 dollars per metric ton, according to the latest London sugar futures board. So why are sugar prices under pressure after being so strong earlier this year? Recent analysis from Barchart reports that a stronger United States dollar and weaker crude oil prices are weighing on sugar. When oil drops, ethanol prices tend to fall, which can push Brazilian mills to use more cane for sugar instead of ethanol. More sugar supply on the world market often means lower sugar prices. At the same time, traders are still watching weather risks. Research from investment analysts at Neuberger Berman highlights that an El Nino pattern can threaten sugar crops and tighten supply, which would be supportive for sugar prices if damage becomes more evident. Here are your quick takeaways. First, the current world sugar price is hovering in the high 13 cent range for raw sugar and the low 450 dollar range per ton for white sugar. Second, short term pressure is coming from currency moves and cheaper crude oil. Third, medium term, keep an eye on weather and crop news from big producers like Brazil and India, because any hit to production can quickly lift prices. That is it for today on the Daily Sugar Price Tracker with Vanessa Clark. Thanks for listening, be sure to subscribe, and tune in next time for your daily sugar price update. For more http://www.quietplease.ai Check out Vanessa on Instagram https://www.instagram.com/vanessaclarkipai For some deals, check out https://amzn.to/4hSgB4r
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