March NY world sugar #11 (SBH24) on Thursday closed down -0.42 (-1.72%), and March London ICE white sugar #5 (SWH24) closed down -10.00 (-1.46%). Sugar prices on Thursday fell back from 7-week highs and closed moderately lower. A sharp increase in Brazil’s sugar production undercut prices Thursday after Unica reported Brazil’s Center-South sugar output jumped +148.6% y/y in the first half of January to 48,000 MT and that sugar output in the 2023/24 crop year through mid-January rose +25.5% y/y to 42.099 MMT. Meanwhile, more sugarcane is being crushed for sugar than ethanol, as 49% of cane was …