Sugar futures rose again on Monday morning (27) on the international market, with increases of over 2% on the New York and London stock exchanges. As a result, the main contracts extended the high gains, of up to 4.4%, recorded last week.

According to Barchart, the sugar increases during the last week were sustained by the recovery of the real against the dollar, which led them to cover short positions in sugar futures. The portal also points out that the appreciation of the Brazilian currency discourages export sales by Brazilian sugar producers.

To Notícias Agrícolas, Marcelo Filho, market intelligence analyst at Stonex, stated that prices also rose due to concerns about Asian harvests. According to him, rumors have emerged that the drop in India may be even greater than expected, and, even with the export quota, the country may have a more worrying scenario.

At around 10 am (Brasília time), on the ICE in New York, the March/25 contract was trading at 19.42 cents/lbp, up 0.40 cents (+2.10%) compared to the previous close. May/25 rose 0.31 cents (+1.76%), quoted at 17.93 cents/lbp. July/25 advanced 0.27 cents (+1.56%) and was trading at 17.53 cents/lbp, while October/25 rose 0.25 cents (+1.44%) to 17.60 cents/lbp.

On the London Stock Exchange (ICE Futures Europe), contracts also posted robust gains. March/25 rose US$ 11.20 (+2.25%) and was trading at US$ 509.40 per ton. May/25 rose US$ 8.90 (+1.81%), quoted at US$ 500.40 per ton. August/25 rose US$ 7.10 (+1.48%), traded at US$ 486.30 per ton, while October/25 rose US$ 4.60 (+0.97%) and was traded at US$ 480.30 per ton.

Source: Notícias Agrícolas