World raw sugar prices fall to lowest level since 2021

In the Intercontinental Exchange (ICE) New York futures, the price of raw sugar per pound (45.36 decagrams) fell by 2.5 percent to 17.77 cents.

The price drop was due to the fact that India, the world’s second-largest sugar producer, has allowed a sugar export quota of 1 million tons for the current agricultural year ending at the end of September.

The resumption of exports was made possible by the fact that the country expects to produce more than 27 million tons of sugar in the agricultural year.

In Brazil, the world’s leading sugar producer, the weather is favorable for sugarcane plantations, which is why experts have revised their crop outlook forecasts. Moreover, falling ethanol prices are forcing producers to use more cane for sugar production instead of biofuel production.