World sugar prices rose almost 7% in February, according to the FAO index

Published 2023년 3월 10일

Tridge summary

In February, world sugar prices surged by 6.9% to their highest level since February 2017 due to a downward revision in India's sugar production forecast for the 2022-23 season, as reported by the Food and Agriculture Organization of the United Nations (FAO). This increase is attributed to concerns over decreased exportable availability from India amid strong global demand. However, the rise in prices was somewhat restrained by the progress of Thailand's harvest and abundant rainfall in Brazil's key production areas, alongside a decrease in international crude oil and ethanol prices in Brazil. The FAO's food price index experienced a minimal 0.6% decline for the eleventh month in a row in February, largely due to drops in vegetable oils, dairy products, grains, and meat prices, which balanced the significant increase in sugar prices.

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

Original content

World sugar prices rose 6.9% in February compared to the previous month, reaching their highest level since February 2017. This is reflected in the food price index prepared by the Food and Agriculture Organization of the United Nations. Agriculture (FAO). The rebound was mainly due to the downward revision of the 2022-23 sugar production forecast in India, which moderated the export outlook for the current season, according to the FAO. "Concerns about the decrease in exportable availabilities from India in a context with a strong demand for imports worldwide additionally increased world sugar prices," says the Food and Agriculture Organization of the United Nations. However, the adequate progress of the harvest in Thailand and abundant rainfall in the main production areas of Brazil prevented a higher monthly increase in prices. In addition, the drop in international crude oil prices and ethanol prices in Brazil also contributed to limiting the upward pressure on world sugar ...

Source: Agropopular