During December, the sugar market traded sharply lower on the liquidation of non-commercial positions, in a relatively low liquidity environment. Fundamental updates were limited to production prospects during the tail of the CS Brazil crop and ethanol feedstock regulation updates in India.
High price volatility was a recurring feature during the final days of 2023. The ISA Daily Price for raw sugar fell USD5.10 cents/lb to a low of USD20.01 cents/lb, in the three weeks to December 21st, before recovering to USD 20.50 cents/lb at year-end. The December 29th closing value is 8.37% higher than at the end of 2022. The average price in December of USD21.69 cents/lb is a 9-month low.