Turkish sugar price expected to continue the upward trend until January

Sugar prices in Turkey were increased by 25% at the beginning of October and by 14% at the beginning of November. Current retail prices are around TRY 5.75 - 6.5 per kg. The price growth rate is still insufficient for the producer. The price is expected to increase by 12% in January and be even higher after the deficit of sugar production in January. According to the second forecast by the Turkish Statistical Institute, sugar beet production, which was 23 MMT in 2020, is expected to decrease by 15.3% in 2021 to 19.5 MMT.
Considering the depreciation of the Turkish lira against the dollar in recent months, the expectation that this situation will continue may lead to high prices in the domestic market.