World sugar prices rose sharply in February

The global sugar prices experienced a rebound in February, largely due to a downward revision in India's sugar production forecast for the 2022/23 season, which has implications for export prospects. This revision, along with concerns over reduced export availability from India due to strong global import demand, helped drive the prices higher. However, the increase was moderated by good harvest progress in Thailand and heavy rainfall in Brazil's key sugar-producing regions. Additionally, a decline in international crude oil and ethanol prices in Brazil helped mitigate the pressure on global sugar prices, resulting in a mixed situation for the sugar market.