Sugar futures eye their largest 1-year percentage gain since 2009
Sugar prices have climbed by nearly 40% so far this year, on track to mark their best yearly performance in 14 years, with U.S. and global supplies expected to remain tight.
“Sugar has rallied strongly over the past year because of an imbalance in supply and demand,” Sal Gilbertie, chief investment officer at Teucrium Trading, told MarketWatch. It forecasts 2023/2024 global sugar production at 178.8 million metric tons, which it says would be the second largest on record after the 2017/2018 crop season. It also forecasts global consumption at 178.9 million metric tons, which it says would be the highest on record.
Consumption is expected to rise to a new record due to growth in markets such as India and Pakistan, the USDA said in its report.
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