Sugar

Raw sugar futures on ICE were trading around 20 cents per pound, close to an almost six-year peak of roughly 21 cents per pound hit on December 23rd, on prospects of robust demand and somewhat tight global supplies. Brazil, the world's top producer, announced it would not reinstate federal gasoline taxes, likely encouraging the use of sugarcane instead of ethanol. On the supply side, reduced sugar output in Europe and a delay in Thailand's sugar harvest have lent further optimism to bulls. Still, good prospects for production in major countries such as Brazil and India clouded the medium-to-long-term outlook for the commodity. The International Sugar Organization projected last year that global 2022/23 sugar production would climb 5.5 percent from the previous year to a record high of 182.1 MMT.

Historically, Sugar reached an all time high of 65.20 in November of 1974. Sugar - data, forecasts, historical chart - was last updated on January of 2023.

Sugar is expected to trade at 19.31 Cents/LB by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 20.40 in 12 months time.