Sugar prices averaged USD 20.41 cents per pound in September, up 10.9% from August. On 30 September, the commodity traded at USD 22.21 cents per pound, up 15.1% from 30 August.
Prices reached a five-month high in September on supply concerns. Key producer Brazil recently suffered from drought, massive fires and heatwaves that damaged crops and therefore dampened production estimates for 2024/25. These developments sparked concerns over a larger-than-previously-anticipated supply deficit, leading to the price spike. On the flipside, an expected bumper crop in India capped the price surge somewhat.
This chart displays Sugar (US¢/lb) from 2022 to 2024.
Sugar ISA (prices in US¢/lb, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Sugar ISA | 19.87 | 24.71 | 24.61 | 24.52 | 22.10 | 19.55 | 19.36 | - |