Sugar futures in the US traded around 14.8 US cents, the lowest in a week, as softer oil prices reduced incentives to divert sugarcane to ethanol production, improving the global sugar supply outlook. At the same time, India’s improving monsoon added to expectations of stronger sugar output after the world’s second-largest sugar producer entered a rainfall surplus in early July, with more rain forecast through mid-July. Earlier this month, prices peaked at 15 US cents, their highest since mid-May, amid concerns over El Niño, which brings drier conditions to the Asia-Pacific region and heavier rainfall to parts of the Americas, threatening crops in major producers such as India and Brazil. Latest data showed sugar production in Brazil’s key Center-South region fell about 3% year-on-year to 2.31 million tons in the first half of June.

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