Sugar prices recorded moderate losses on Friday the 15th due to the increase in sugar production in Brazil. The raw sugar contract due in July fell 0.16 cents, or 0.8%, to 19.43 cents per pound, having gained 2.26% in the week. The white sugar contract due in August fell 0.9% to US$562.10 per ton. 

Unica, a Brazilian magazine reported on Friday that Brazil's sugar production for the 2024/25 harvest through May increased by 11.8% to 7.837 million tonnes. Additionally, the percentage of Brazil's 2024/25 sugarcane harvest crushed for sugar production increased to 47.88% from 46.68% last year.

On Thursday, sugar prices rose to one-month highs due to concerns over reduced sugar exports from India. The Indian government said Thursday it remains committed to increasing the blending of ethanol with gasoline. An increase in India's ethanol production could reduce the country's sugar production and leave less sugar available for export, thereby reducing global supply.

Another factor supporting sugar was Monday's move by the International Sugar Organization (ISO) to increase its estimate of the global sugar deficit for 2023/24 to 2.95 million tonnes, from a previous estimate of 689 thousand t. The ISO also raised its global sugar demand estimate for 2023/24 to 182.2 million metric tons from 180.4 million metric tons, citing upward revisions to India's consumption figures.