Caught the sugar selloff on Thursday - both NY and London contracts took hits as the dollar index spiked to 3.5-week highs. That DXY strength tends to crush commodity prices across the board, and sugar futures were no exception. March NY closed down 0.71% while London ICE white sugar 5 dropped 1.13%. The early rally we saw Wednesday on Brazil production concerns just couldn't hold. Unica data showed Center-South output fell 36% year-over-year in late January, but here's the thing - the real pressure is coming from the supply outlook. Multiple forecasters are now calling for massive global surpluses. Czarnikow expects 3.4 MMT surplus in 2026/27, and USDA is projecting record global production hitting 189.3 MMT for 2025/26. India's pumping out 15.9 MMT through mid-January, up 22% y/y, and their government just greenlit another 500k MT for export. Thailand's also ramping up production. So even though Brazil might see some tightness in 2026/27, the near-term picture looks oversupplied. That's weighing on sentiment right now.