Sugar futures climbed to 18.5 cents per pound, recovering from a four-year low of 17.6 cents on January 21st, supported by a stronger Brazilian real. Despite this, high supply from major producers like India and Brazil kept prices under pressure. India approved the export of 1 million tonnes of sugar after achieving a supply surplus for the first time in eight years, with production expected to exceed 27 million tonnes. In Brazil, favorable weather and lower ethanol prices encouraged more cane crushing for sugar, leading to a record-high forecast of 43.1 million tonnes this season.

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