Source88fortunesmegawaysMu Tian science and technology sugar net

ICE raw sugar futures closed lower on Friday as increased sugar production in Brazil put pressure on the market.

May raw sugar futures closed down 0.88fortunesmegaways.08 cents, or 088fortunesmegaways.4%, the settlement price is 19.40 cents per pound. The contract is down 1.7% this week.

August sugar futures were virtually unchanged at US $563.70 per ton.

Sugar production in south-central Brazil rose 30.97 per cent year-on-year to 710000 tons in the first half of April, higher than market expectations, according to data released on Friday by Unica, an industry group. Sugar mills use 43% of sugar cane to produce sugar, compared with 38% in the same period last year. This proportion usually increases over time. In the first half of April, the total amount of sugarcane crushed was 15.81 million tons, an increase of 14.1% over the same period last year, in line with market expectations.

According to a survey by Sipp Global Commodity Insights, the market had expected sugar production of 689300 tons.

The May contract expires on Tuesday and could be the main short-term focus early next week, traders said.88fortunesmegawaysThey point out that the contract is expected to deliver about 1 million tons of sugar.