India's sugarcane crop failure leads to country's sugar export ban and global price rise

India's eventual ban on sugar exports pushed prices up to nearly a 12-year high on the European futures market. German analyst Dr. Olaf Zinke writes about this in an article published on the Agrarheute.com portal: “Sugar prices in the European futures market on Wednesday, August 30, rose to almost a 12-year high. The reason for this was reports from India about possible export bans. But even without that, the global sugar balance is in short supply, analysts say. Prices for white sugar on the European futures market on Wednesday rose to $730 per ton. This was the highest price in almost 12 years. Compared to last year, white sugar costs about $250, or a good 50% more. Prices dropped slightly on Thursday, but are still at very high levels. Reuters reported that India appears to be planning to ban its sugar mills from exporting sugar in the 2023-2024 season starting in October as weak monsoon rains cut the country's sugarcane crop. Maharashtra, which accounts for 37% of India's ...