ICE Raw Sugar Falls 2.5% to 15 Cents on Brazil's Ample Supply; Cocoa Declines

According to Jin10 Futures, on May 14, ICE raw sugar futures fell 2.5% to 15 cents per pound Thursday, reversing a four-day rally, while white sugar declined 2.8% to $442.80 per metric ton. The decline was driven by ample supply from Brazil’s key central-southern region, where sugar output is forecast to surge 72.7% year-over-year, according to S&P Global Platts Insights. The increased production stems from surging sugarcane crushing as factories prioritize ethanol over sugar production during the 2026/27 season, given rising oil prices strengthen ethanol’s competitiveness against gasoline. In response, India—the world’s second-largest sugar producer—banned sugar exports through September 30, 2026, to control domestic prices. Separately, London cocoa fell 0.6% to 3,256 pounds per ton and New York cocoa declined 0.7% to $4,446 per ton, retreating from a three-and-a-half-month high of 3,549 pounds reached Tuesday.