Raw sugar futures on ICE have been trading above 18 cents per lb, close to levels not seen since March 2017, boosted by concerns over shipping delays at Brazil port. It comes at a time when global sugar suppliers are already tight, with exports from India limited due to container shortage, and lower production in Thailand, the EU and Russia. On the demand side, both Indonesia and China are buying more of the sweetener.
Historically, Sugar reached an all time high of 65.20 in November of 1974. Sugar - data, forecasts, historical chart - was last updated on March of 2021.
Sugar is expected to trade at 16.86 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 15.01 in 12 months time.