Sugar Short. The price of raw New York sugar on the ICE Futures exchange continues in a downward trend that has lasted for almost a month, revealing the strong position of bear traders. The reasons for the decline include strong expectations of more than good production in Brazil and India, where the sum of monsoon rainfall on which agricultural production is based in this country has exceeded the long-term average by 7% in recent days. Total global sugar production is expected to increase by 8.8% year on year to 176.7 million metric tons (MMT) this season, bringing us to a surplus of 5 MMT in the 2020/2021 season.
Chart and Table source: WebTrader