Futures closed lower and made new lows for the move on reports of big production in April from Brazil. Traders remain bearish on supplies, especially from Brazil, and this has hurt New York prices. They got some big production and processing estimates for April on Monday.
Traders are keeping an eye on developments in Brazil and expect big production as the harvest moves forward as the weather is good. Demand is said to be strong from North Africa and the Middle East as buyers get stocks in hand for Ramadan in July. Chart patterns are mixed, but weak, for the short term.
UNICA said that Brazil crushed 41 million tons of Sugarcane and produced 1.69 million tons of Sugar. Both amounts are almost triple those of a year ago.