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Sugar prices surged sharply on October 3, 2023, with New York world sugar #11 increasing by 3.14% to $18.45 and London ICE white sugar #5 rising 4.12% to $536.10. This spike follows the International Sugar Organization’s (ISO) projection of a global sugar deficit of 200,000 metric tons for the 2026/27 season, a significant shift from a previously forecasted surplus of 1.1 million metric tons for 2025/26.
Market factors contributing to this increase include a 19% year-over-year decline in 2026/27 EU sugar production to 13.4 million metric tons and adverse weather conditions affecting key producers like Brazil and India. The USDA also noted an expected drop in global sugar production by 1.15% in 2026/27 to 180.1 million metric tons, while global human sugar consumption is projected to rise by 0.4% to 180 million metric tons.
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