Just caught that sugar futures took a hit on Thursday. NY March closed down 0.71% while London sugar 5 dropped 1.13% as the dollar strengthened - that's been the pattern lately with commodities getting pressured whenever the greenback rallies. The dollar index hit a 3.5-week high, which pretty much triggered some long liquidation in sugar futures.

What's interesting though is the supply side looks messy. Brazil's production is actually looking solid at 45 MMT for 2025/26, but India's ramping up exports hard - they just got approved for another 500,000 MT on top of the 1.5 MMT already allowed. Multiple analysts are calling for a global surplus ranging from 1.6 to 8.7 MMT depending on whose forecast you follow. The USDA is projecting record global production at 189.3 MMT but consumption only hitting 177.9 MMT.

So basically, we're looking at oversupply concerns dominating the market right now. Unless demand picks up or these production forecasts get cut, prices could stay under pressure. The dollar strength isn't helping either.