Raw sugar futures traded above $17 per pound, still well below a 3-year high of $18.8 hit on February 22nd, as the market remains well supplied despite adverse weather in top exporter Brazil. Demand continues to recover in Europe and signs that India's second wave of coronavirus infections is slowing provide further optimism for the near future. Meantime, India’s government cut the amount of subsidy given for sugar export by one-third, but that is expected not to influence the season’s exports as Indian traders had contracted to sell over 5.5 million tonnes of the 6 million tonne export target before the subsidy cut.
Historically, Sugar reached an all time high of 65.20 in November of 1974. Sugar - data, forecasts, historical chart - was last updated on June of 2021.
Sugar is expected to trade at 17.04 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 15.16 in 12 months time.