Global Sugar Prices Soar to Decade High

Unusually dry weather and increased use for biofuels deplete reserves, leaving import-dependent countries vulnerable.

Sugar prices are at their highest since 2011 due to lower global supplies after unusually dry weather damaged harvests in India and Thailand, the world's second- and third-largest exporters.
The United Nations Food and Agriculture Organization is predicting a 2% decline in global sugar production in the 2023-24 season, translating to a loss of about 3.5 million metric tons.
Global reserves of sugar are at their lowest since 2009, partly due to sugar increasingly being used for biofuels like ethanol.
Brazil, the biggest sugar exporter, will only be able to help plug gaps later in 2024. Until then, import-dependent countries, especially in sub-Saharan Africa, remain vulnerable.
The world now has less than 68 days of sugar in stockpiles to meet its needs, compared with 106 days when they began declining in 2020.