Get ready, sweet lovers, because an upward trend in sugar prices is on the horizon for 2024. After a year marked by price increases, forecasts indicate that sugar could see a further increase in its value this year.
According to a recent survey by a group of experts in New York, the average price of a pound of raw sugar could reach 24.5 cents, registering a significant increase compared to the previous year. This price increase is mainly due to ongoing concerns over global sugar supply.
Despite Brazil’s efforts to maintain production, particularly in the South-Central region where priority is given to sugar production rather than ethanol, these measures may not be enough to resolve market tensions. India, the second largest sugar supplier, faces lower-than-expected production forecasts for the 2024/2025 season, which could contribute to a global deficit of 700,000 tonnes.
Market experts warn that this could lead to a fall in global sugar production, which would impact prices. As a result, white sugar prices could see an increase of 17% compared to the previous year, closing around USD 700 per tonne.
It is therefore important for market players to keep informed of these developments and prepare for a potential increase in sugar prices in the coming months. Stay tuned for the latest news so as not to miss anything about this upward trend which could impact the sugar market in 2024.
To learn more about sugar market trends, check out the following articles:
– [Article 1 on sugar prices](article link)
– [Article 2 on sugar supply and demand](article link)
– [Article 3 on the outlook for the sugar market](article link)
Stay informed and anticipate market developments to better adapt to these changes.