5carddrawhands| This week, the weekly foreign sugar line is red, and the global sugar market is still oversupplied

Source: Yuntang. com

YNTW5carddrawhands.COM Comprehensive News on May 255carddrawhands, ICE raw sugar futures were mixed this week5carddrawhands, departing from an 18-month low set last week, ICE's main July raw sugar futures contract closed up 0.0% on Friday5carddrawhands.15 cents, an increase of 0.8%, and the settlement price closed at 18.41 cents per pound; the main August contract of ICE white sugar futures (London) closed up 1.1%, and the settlement price closed at US$545.90 per ton.

This week, ICE raw sugar futures were red weekly, with the main July contract rising 1.5% this week.

Some analysts said that Brazil's strong sugar production has dragged down recent sugar prices. Consulting firm S&P Global estimates that sugar production in Brazil's main producing areas in the first half of May is expected to increase by 6.3% year-on-year to 2.7 million tons.

Analysts at Rabobank said that the recent weakness in sugar prices was affected by Brazil's maximization of sugar production in two consecutive cropping seasons, but as ethanol prices rise, sugar production may change this season.

The U.S. Department of Agriculture said that the global sugar market is still oversupply and demand. Brazil's 2024/25 production will drop to 44 million tons from 45.5 million tons in the previous year. However, Thailand's sugar production is expected to increase by 16%. Sugar production in India and China will also increase slightly, offsetting Brazil's decline of 1.5 million tons in 2024/25. In 2024/25 (October to September of the following year), global sugar production will reach a record of 186 million tons, while demand will also reach a record high of 178.8 million tons. The global sugar market may still be in a state of oversupply, mainly due to The slow recovery of the global economy has weakened consumption growth.

Data released by the U.S. Commodity Futures Trading Commission (CFTC) on Friday showed that as of May 21, speculators significantly increased their net short positions in ICE raw sugar futures and options. Data showed that speculators increased their net short positions in ICE raw sugar futures and options by 11,000 lots, reaching 69,500 lots.