The Market in November

 Sugar prices remained in a narrow range during November for the second consecutive month, though both raw and white sugar averages were lower as prices closed down on two-thirds of trading days. This weakness was driven in part by increased Brazilian hedging activity due to a weaker BRL. While the anticipated supply tightness from Brazil has yet to materialize, the latest production report shows cumulative sugar output in Centre-South Brazil has now fallen below last season's levels. Meanwhile, the white sugar futures gave little sign of supply issues or impetus for futures to trade higher, with the December contract trading to a discount to March at expiry. This was the first discount spread upon expiry since October 2021.