Raw sugar futures on ICE traded around 20 cents per lb, close to levels not seen since early 2017, benefiting from a global surge in energy prices that prompted cane mills in Brazil to raise the output of ethanol at the expense of sugar. Dealers also believe the demand should pick up in the next few months as consumers must soon replenish their stocks. The US is expected to import 3.21 million short tonnes for the 2021-22 season, an increase from the prior estimate of 3.13 million, according to the USDA.
Historically, Sugar reached an all time high of 65.20 in November of 1974. Sugar - data, forecasts, historical chart - was last updated on October of 2021.
Sugar is expected to trade at 20.22 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.