Sugar futures traded around $17 per pound, below a four-year high of $18.9 hit in February, on the back of oversupply concerns and ongoing weak demand. Data showed Brazil's center-south sugar production reached 2.89 million tonnes in the second half of June, recovering from 2.19 million tonnes in the first half of the month. At the same time, demand for white sugar has been poor since February, amid a combination of front-loading by final buyers in April/July 2020, as well as reduced consumption due to COVID.
Historically, Sugar reached an all time high of 65.20 in November of 1974. Sugar - data, forecasts, historical chart - was last updated on July of 2021.
Sugar is expected to trade at 19.27 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 22.26 in 12 months time.