Sugar futures experienced their largest three-week decline due to the impact of ample market supply.

Due to the beginning of a new season of sugarcane harvesting in Brazil and the initial signs of strong production, New York raw sugar futures recorded their largest intraday decline in over three weeks. Signals from Brazil indicate that market supply will remain ample until the May raw sugar contract expires. A report from Green Pool Commodity Specialists on Monday stated that the number of open contracts suggests that there will be a significant amount of deliveries for the New York raw sugar contract expiring this Wednesday. The most active raw sugar futures contract in the New York market fell by 2.9% at one point during trading. Last week, the May contract was at a premium compared to the July contract, but it has now turned to a discount.