Following the strength of the dollar, the white sugar ICE of March London #5 (SWH25) closed down -9.40 (-1.65%), while the global sugar of March NY #11 (Serif">>Following the strength of the dollar, the white sugar ICE of March London (SWH25) closed down -9.40 (-1.65%), while the global sugar of Mars NY (SBH25) closed down -0.37 (-1.68%) on Wednesday.

Sugar prices closed slightly lower on Wednesday as the strength of the dollar (DXY00) triggered a long sell-off in sugar futures contracts. The outlook for increased sugar production in Thailand is pessimistic for sugar prices. On October 29, the Thai Cane and Sugar Bureau forecast that Thailand's sugar production in 2024/25 would increase by +18% year-on-year to 10.35 million tons. Thailand produced 8.77 million tons of sugar during the 2023/24 season that ended in April. Thailand is the world's third largest sugar producer and the second largest sugar exporter. Sugarcane industrial group Orplana said no less than 2,000 fires have affected up to 80,000 hectares of sugar cane planted in Sao Paulo. Green Pool Commodity Specialists said up to 5 MMT of sugarcane may have been lost to the fires