Prices on the world sugar market in January

Published 2023년 1월 30일

Tridge summary

Sugar prices in Western markets have seen a significant increase of over 10% compared to the beginning of 2022, despite a slight decrease in the cost of raw and white sugar on major exchanges in the United States and England. This price increase is primarily due to India's decision to maintain its sugar export quotas and a decrease in short-term sugar production in Brazil. Additionally, the UK faces challenges in its sugar beet production due to adverse weather conditions and has temporarily permitted the use of neonicotinoid pesticides, while the European Union continues a ban on these pesticides in France and Belgium, leading to restrictions for sugar beet growers.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Compared to the data for the same month of 2022, sugar prices in Western markets have risen by more than 10% The cost of raw sugar (sugar No. 11) on the Intercontinental Exchange (ICE) in the United States decreased by 0.4% over the month and amounted to $443.2/t. On the London International Financial Futures and Options Exchange (LIFFE), white sugar fell by 1.4% over the month to $547.9/t. At the same time, compared with the data at the beginning of 2022, sugar prices in Western markets rose by more than 10%. Quotations on the Zhengzhou Stock Exchange (ZCE, China) changed slightly over the month, the price of sugar amounted to 836.5 USD/t. In the Russian market, sugar rose in price by 3.8%, to $435.6/t (at the same time, the US dollar exchange rate against the Russian ruble decreased by 1.7%). Raw sugar futures (sugar No. 11) closed above 20 cents a pound on Wednesday, January 25. On Thursday, prices reached a monthly high. The main factors contributing to the rise in prices were ...

Source: Specagro