Recovering Demand but Decreasing Supply for US sugarcane prices

The wholesale price of US sugarcane rose by +24.22% YoY. The price stood at USD 1.10 per kg in W2 Jan 2022, which was USD 0.89 per kg in the same period in the preceding year. In 2022, it is estimated that the US decreased production of sugarcane due to reduced yield and was forced to rely on imports. Meanwhile, Brazil, as the major supplier for US sugarcane also decreased its production due to drought. Improved demand for sugar cane in the US while less supply from domestic also from the importing market led the price to rise in Jan 2022