Silver 24 September 2025

March 21, 2026, 1:38 AM EDT. May New York sugar futures rose 1.43% to a five-month high, while May London white sugar slipped 0.38% amid a stronger dollar. Soaring gasoline prices, hitting a 3.5-year peak, are boosting ethanol costs, encouraging mills to shift from sugar to ethanol production. Supply constraints from the Strait of Hormuz closure have cut about 6% of global sugar trade, supporting prices despite expectations of a global surplus. Analysts predict sugar surpluses between 1.22 to 3.4 million metric tons for 2025/26 and 2026/27. Production gains in India, Thailand, and Pakistan contrast with Brazil's weaker output in January. India's sugar output surged 10.5% year-on-year to 26.2 MMT but ethanol diversion estimates were lowered, possibly freeing more sugar for export. India's government recently approved an extra 500,000 MT for export, pressuring prices.