July NY world sugar #11 (SBN24) today is up +0.51 (+2.79%), and Aug London ICE white sugar #5 (SWQ24) is up +11.50 (+2.12%). Sugar prices today are sharply higher, with NY sugar climbing to a 2-1/2 week high. Today’s decline in the dollar index to a 2-week low sparked some short-covering in sugar futures. Ramped-up sugar production in Brazil is negative for prices. Unica reported last Friday that Brazil’s sugar production in the first half of May rose by +1.0% y/y to 2.567 MMT from 2.542 MMT a year earlier. For the 2024/25 crop year through mid-May, sugar production rose +25.7% y/y to 5.135 MM…