Features International Sugar Journal

Monthly Snapshot February [Full subscriber]

March raw sugar closed at 19.07 cents per lb on 20th January. The contract earlier hit 19.18 cents, its highest since late December. However, dealers said crude oil looks unlikely to drop much from current levels (hovering around US$86/barrel currently) and may well improve further, meaning sugar is set to remain firm near term and will only see resistance above 19.30 cents. “If the oil price trend continues, the sugar mix in Brazil will drop from the estimated 46% for the 2022/23 season,” said a US broker, referring to the amount of cane diverted by mills to make sugar and…

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