Sugar prices rise due to India's export concerns

Sugar prices have reached their highest level in nearly three weeks. This increase is due to worries about supply from major producers, India and Brazil. In India, production estimates have been lowered, raising doubts about the country’s ability to meet its export goals. Indian authorities have allowed up to 1 million tons of sugar to be shipped out this season. However, analysts from StoneX are concerned that the smaller crop may hinder India from fulfilling this quota. Brazil is facing dry weather, which could reduce the sugar cane harvest set to start in April. Producers are revising their estimates lower. This situation could disrupt the global sugar market's hopes for a surplus in the upcoming season. The most-active raw sugar contract in New York increased by 3.7%, marking its highest price since February 26. Market analysts note that attention is shifting to how major crops in the northern hemisphere are performing toward the end of their harvests. Meanwhile, optimism about Brazil's coming sugar cane crop is declining.