July NY world sugar #11 (SBN24) on Wednesday closed up +0.27 (+1.43%), and Aug London ICE white sugar #5 (SWQ24) closed up +4.50 (+0.81%). Sugar prices Wednesday extended this week’s rally to fresh 3-week highs. Sugar prices are seeing an increased risk premium from increasingly volatile weather globally, including in key sugar-producing countries such as Brazil, India, and Vietnam. Gains in sugar futures Wednesday were limited after the Brazilian real (^USDBRL) fell to a 14-month low against the dollar. The weaker real encourages export selling by Brazil’s sugar producers. In a bullish factor…