Raw sugar futures fell towards $16 per pound, a level not seen in two months, as the market remains well supplied with improved weather conditions in major producers like India, Thailand and Brazil while demand remains subdued. 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. Elsewhere, Vietnam increased an anti-dumping tax to 47.64% from 33.88% imposed in February on some sugar products from Thailand for five years.
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 17.16 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 19.82 in 12 months time.