Morning Call Apr 16th, 2026

NY May 2026 raw sugar dropped 37 points last Wednesday, to US$ 13.51 c/lb, the lowest level since December 13th, 2019, reflecting the persistence of bearish fundamentals, with the Pakistan and Thailand crops surprising to the upside.
 

London #5: according to preliminary data, the delivery of white sugar against May 2026 contract totaled 9,453 lots, or 472.65 k mt, the highest volume for the contract since 2007. On its last trading day, May 2026 white sugar declined 1.1% to US$ 419.50/mt.
 

India: the 25/26 crop is approaching completion, with only 21 mills still in operation as of April 15th, out of a total of 541, compared to 35 units active during the same period of the 24/25 season.
 

India: cumulative cane crushing for the 25/26 crop reached 286.52 mmt as of April 15th (up 5.6% YoY), reflecting greater raw material availability and gains in industrial efficiency.
 

India: on a cumulative basis, sugar production for the 25/26 crop reached 27.39 mmt as of April 15th (up 7.7% YoY), excluding the volume diverted to ethanol production.
 

India: Maharashtra concluded its crushing operations in 1H April, with sugar production totaling 9.92 mmt (up 23.0% YoY), in line with DATAGRO estimates.
 

India: according to DATAGRO projections, sugar production is expected to reach 28.3 mmt in 25/26 (white value), above the 26.1 mmt recorded in the 24/25 season.
 

Brazil: sugar shipment nominations pace declined this week from 33 to 29 vessels, scheduled to transport 1.146 mmt (down 16.4% YoY). Bangladesh led the destinations (24.7%), followed by China (17.7%) and Canada (11.9%), according to the DATAGRO Line-up.
 

Brazil: waiting time for berth at CLI 16/17 terminals, Santos port, declined from 24 to 21 days, although still significantly above the 6 days observed during the same period of 2025.
 

Brazil: sugar exports reached 412 k mt in the first two weeks of April, with a daily average of 59 k mt, down 24.0% YoY compared to the daily average recorded in April 2025.
 

France: according to the Ministry of Agriculture, the sugar beet planted area for the 26/27 crop is estimated at 379 thousand hectares (down 4.6% YoY), reflecting low sugar prices and the structural challenges faced by the sector.