US sugar futures slip to ~17.2 cents after oil pullback
US sugar futures ease to around 17.2 cents per pound, pressured by a market correction, lower oil prices, and revised expectations for India’s sugar imports.
US sugar futures eased to around 17.2 cents per pound, down slightly from recent one-year highs, amid market correction and the pullback in oil prices.
Revised estimates for lower Indian sugar imports than initially expected also weighed on prices.
Greenleaf, an Indian sugar industry research firm, estimates that the country may import no more than 500,000 tonnes by October 31, half of the 1 million tonnes authorized duty-free by the Directorate General of Foreign Trade.
However, the global scenario continues to point towards tighter supply and potential global trade deficit, with the strongest El Niño in decades adding to risks.
In Brazil, Conab forecasts 705.2 million tonnes of sugarcane production in 2026/27, up 4.7% from the previous season, but expects sugar output to fall 2.9% to 42.89 million tonnes, while sugarcane-based ethanol production is projected to rise 9.7% to 29.98 billion liters.