Raw Sugar Extends Gains as Brazil Fires Deepen Global Deficit
- Fires, dry weather in top grower have impacted cane production
- 2024/25 global deficit seen at 600,000 tons: Covrig Analytics
Damaged sugarcane is harvested at a farm following wildfires in Riberaio Preto, Brazil, on Aug. 27.
Photographer: Victor Moriyama/BloombergThis article is for subscribers only.
Raw sugar futures extended last week’s gains as analysts raise deficit forecasts after fires in Brazil.
The most-active contract in New York rose as much as 2% Tuesday, after rallying more than 5% last week. Fires in Brazil that impacted cane crops amid the country’s worst drought in four decades put the world on track for a larger-than-expected shortfall.