October NY world sugar #11 (SBV24) on Monday closed down -0.19 (-1.03%), and Oct London ICE white sugar #5 (SWV24) closed down -6.60 (-1.25%). Sugar prices today are moderately lower on optimism that above-average monsoon rains in India will lead to a bumper sugar crop. The Indian Meteorological Department reported Sunday that India received 579.7 mm of rain during the current monsoon season as of August 11, 7% more than the comparable long-term average of 481.9 mm. India’s monsoon season runs from June through September. Over the past month, sugar prices have been under pressure on signs of l…