After rice, sugar is at risk of price fever when the world's No. 2 exporter, Thailand reduces nearly 20% of output due to drought

Source: markettimes.vn According to Bloomberg, Rangsit Hiangrat, Director of the Thai Sugar Millers Corporation, said that output will decrease by 18% to about 9 million tons in the 2023/2024 crop year. Extreme hot and dry weather is likely to get worse in the coming years. Thailand is the world's No. 2 sugar exporter, so the country's decline in sugar output will put even more pressure on the global market. “Some farmers may switch to growing cassava in the hope that the crop will withstand the heat better. With a drought like this, I don't believe any crops can grow well. Sugarcane, cassava or rice are all damaged," he said. Sugar price movements over the past month (Source: Trading Economics) Sugar prices rose to an 11-year high this week after Alvean, the world's largest commodity trader, predicted this year would be a year of sugar shortages. Extreme heat in India is also contributing to sugar shortages, which also shows how climate change is impacting global food markets. ...