The strengthening of the dollar weighs on sugar prices

THE sugar price lost ground quite slightly over the week as a whole, both in crude and refined. The strengthening of the dollar against various other currencies following the US presidential election had a significant impact on prices. The decline in oil prices also contributed to this movement. However, sugar market professionals still note a trend towards strengthening long positions, as of November 5, the highest since 2011. For the month of October, theFAO sugar price index recorded an average value of 129.6 points in October, or 3.3 points (2.6%) more than in September, which marks the second consecutive monthly progression of this index, the value of which, however, remains lower by 29.6 points (18.6%) compared to that recorded a year ago. The fear of declining production in Brazil for 2024/2025 persists. In France, the General Confederation of Beet Planters will hold its AGM on December 10 in Arras with, on the menu, a vision of the sector by 2030 and market prospects. The price of raw sugar ended this week slightly lower (20.17 cents/pound on November 11 compared to 20.59 cents/pound on the 4th) and that of refined sugar as well ($556.55/ton on November 11). 2024 against $561.45/t on the 4th).