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[ICE raw sugar futures prices hit an 18-month low]
Due to the substantial increase in sugar production in south-central BrazilHeyspinscasinoMarket expectations for sugar prices tend to be cautious. According to the report on May 13thHeyspinscasinoJuly ICE raw sugar futures fell 3% to 18 per poundHeyspinscasino.72 cents, an 18-month low.
UNICA, the sugar group, is expected to release data on sugar production in south-central Brazil in the second half of April, and the market is widely expected to grow by about 50 per cent year-on-year.
At the same time, the analysis report on the supply and demand situation of agricultural products (000061) released by China's Ministry of Agriculture and villages last Friday shows that due to the improvement in sugar planting efficiency, farmers' enthusiasm for planting, and generally normal weather conditions, it is expected that the sown area of sugarcane will increase slightly in 2024x25, while the sown area of sugar beet will increase significantly.
Sugar production is expected to maintain restorative growth, is expected to increase to 11 million tons, consumption is basically flat, the gap between domestic sugar production and demand is expected to narrow.
The futures price of ICE white sugar also fell in August, down 2%.Heyspinscasino.09% to US $557.40 per ton.
