White sugar is displayed in a sack as it is sold in a grocery store in Mumbai, India, on Monday, January 8, 2007. India, the world’s second-biggest producer of sugar and the biggest user raised the benchmark price of sugarcane to help farmers.
- The surge could lead to costlier sweet foods and drinks
Sugar prices have shot to their highest level in more than a decade, boosted by disappointing harvests in some of the world’s largest producers and strong demand in China.
Prices for raw cane sugar futures traded in New York, the international benchmark, have jumped this year. In recent sessions they traded above 24 cents a pound, reaching the highest since March 2012.
Bad weather in India, China, and Thailand has hit sugar production in all three countries, just as China’s economy has begun to reopen following the end of coronavirus lockdowns.
“A lot of things have gone wrong on the production side,” said Peter de Klerk, senior economist at the International Sugar Organization.
Winners from the rally include Brazilian farmers, who are on track for a solid crop. Losers could include both food companies and consumers.
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