On October 12, 2023, sugar prices experienced a significant uptick, with October NY world sugar #11 (SBV25) closing up 2.03% at +0.33 and London ICE white sugar #5 (SWV25) rising 1.87% at +8.80. This surge in prices was fueled by speculation of increased demand, particularly after China’s June sugar imports saw a remarkable 1,435% rise to 420,000 MT.
Additionally, President Trump announced that Coca-Cola would shift to using cane sugar in its US beverages instead of high-fructose corn syrup, potentially increasing US sugar consumption by 4.4%. The positive sentiment surrounding sugar demand contrasts with concerns regarding the upcoming season’s surplus, particularly from India and Brazil, where increased production is anticipated due to favorable climatic conditions.
