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Sugar futures in the US advanced toward 14.6 US cents, the highest level since May 22, underpinned by concerns about the global supply. Market participants weighed weaker Brazilian output and India’s rainfall deficits while also monitoring the effects of the reopening of the Strait of Hormuz. Data released by Unica showed sugar output in Brazil’s key center-south region fell 25.6% year-on-year to 2.2 million metric tons in the second half of May, while the volume of sugarcane processed was 13% smaller at 41.5 million tons, affected by rainfall that interrupted harvesting in some regions. The data also indicated mills are allocating more cane to ethanol production due to better margins. In India, the world’s second-largest producer, the Meteorological Department reported monsoon rainfall was 42% below the historical average as of June 24. Despite this support, upside in sugar prices was limited by weaker oil prices, which reduce the appeal of ethanol.
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