ICE sugar rose nearly 3 percent as fires engulfed sugarcane fields in Brazil's largest sugar-producing state

Gold Ten Futures, August 28, according to foreign media reports, on Tuesday the Intercontinental Exchange (ICE) 's No. 11 crude sugar futures closed higher, with the benchmark contract closing 2.94% higher. So far this month, crude sugar futures rose 3.48%. Sugar prices have started to rise sharply since last Thursday, when Brazil's National Commodity Supply Company (CONAB) lowered its 2024/25 annual sugar production in south-central Brazil. Large-scale fires in Brazil's top sugar-producing state damaged sugarcane fields and also contributed to the rise in sugar prices. Sugarcane industry group Orplana said as many as 2,000 fires broke out over the weekend, affecting up to 60,000 hectares of sugarcane plantations in Sao Paulo. Consultant Green Pool Commodities said the fires could lead to the loss of up to 5 million tons of sugarcane.