Global sugar prices have reached a 11-year high of 24 cents per pound due to increased demand and lower than expected production in key countries like India, Thailand, China, and Pakistan. Unfavorable weather conditions, including unseasonal rains in Maharashtra, India, and a weaker sugar beet crop in Europe, have contributed to the supply tightness. The market is expected to remain volatile with potential further price increases. OPEC+'s oil production cut has also diverted resources from sugarcane to ethanol production. The price hike is anticipated to have the greatest impact on countries struggling with food insecurity, particularly in North Africa and sub-Saharan Africa.