Brazil: The price of sugar, which is used in almost everything in the industry, is skyrocketing, raising concerns about food inflation

Published 2023년 4월 3일

Tridge summary

Sugar prices on the New York and London stock exchanges have reached a six-year high for raw sugar in New York and a 10-year high in London, driven by factors such as production cuts by OPEC+ and concerns about supply, particularly from India. The increase in sugar futures and worries about global inflation have led to concerns about the impact on industrial costs and global inflation. Additionally, the approach of the 2023/24 sugarcane season in Brazil and potential export volume reductions from India could further increase prices.

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

Original content

The prices of sugar, a product used in almost everything by the food industry – from soft drinks, chocolates and sweets to baking – last week reached the highest level in six years in the raw type on the New York Stock Exchange and for more than 10 years in London. This Monday (03), the raw sweetener in the North American terminal still rises and works above 22 cents/lb. Oil has also been a point of influence for prices on the day due to production cuts by the Organization of Petroleum Exporting Countries and allies (OPEC+). Read more: + Oil prices rise as surprise cut in OPEC+ production shakes markets + Saudi Arabia and other OPEC+ producers announce voluntary cuts in oil production The support for sweetener quotations on external exchanges in recent days comes from concerns about supply, mainly from India, the second largest global exporter of the sweetener, which was impacted by the climate and which should divert part of its sugarcane to the ethanol in the 2022/23 harvest. ...

Source: NoticiasAgricolas