March raw sugar settled at 21.38 cents per lb on February 15, following the six-year peak of 21.89 cents the previous week. May white sugar settled at US$566.00 a tonne. Over the past month, sugar prices have rallied sharply on concern about smaller global sugar production. On January 31, the Indian Sugar Mills Association (ISMA) cut its 2022/23 India sugar production estimate to 34 million tonnes from an Oct estimate of 36.5 million tonnes and cut its India 2022/23 sugar export estimate to 6.1 million tonnes from an Oct forecast of 9 million tonnes. In addition, ISMA said that it sees India's sugar mills diverting 4.5 million - 5.0 million tonnes of sugar to ethanol production in 2022/23. The supply tightness in the first half of 2023 will ease in the second half as Brazil commences the 2023/24 campaign in April, which should ensure more ample availability.
NETL
NSTL
