Sugar Jumps to 30-Year High on Australia, India Supply Concerns
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Sugar futures surged to a 30-year high on mounting concern that global supplies will trail demand following crop damage in Australia and India, two of the world’s leading producers.
Cyclone Yasi, which pounded the coast of Australia’s Queensland state, may cause the sugar industry losses starting at A$500 million ($504 million), a growers group said. Output from India may be less than predicted after heavy rains, a producer organization said. Prices have more than doubled since the end of June.