Sugar Retreats on Strong Output Forecasts in Asian Producers [Yahoo! Finance]
StoneX Group Inc. (SNEX)
Company Research
Source: Yahoo! Finance
(Bloomberg) -- Sugar futures fell by the most since May as promising production forecasts in India and Thailand snapped the sweetener's recent rally. Most Read from Bloomberg The most-active contract fell as much as 3.5% in New York as output estimates in Asia, Europe and Mexico more than offset the poor outlook for Brazil, where drought and fires curbed production by the world's top sugar producer. Global production is expected to outpace demand by 2 million tons in the season starting October as the outlook in India and Thailand improves, StoneX said in a report. That's up from a previous surplus estimate of 1.2 million tons. Raw sugar futures have jumped around 17% this month on harsh weather in Brazil, and intraday prices reached the highest since February earlier this week. For technical traders, the surge pushed the commodity into overbought territory. Sugar production in second-biggest producer India may reach 33.3 million tons in the year starting Oct. 1, the same a
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