Sugar Is Getting More Expensive, and It’s El Nino’s Fault
- Futures traded in New York reach highest since September 2014
- Dry weather parched cane crops from Thailand to India
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Having a sweet tooth is going to start hurting your wallet.
Sugar traded in New York surged to a 20-month high on Friday. Supply woes are pushing prices higher after this year’s El Nino weather pattern parched fields from Thailand to India, the world’s No. 2 grower. At the same time, demand is increasing in Asia. Even with a bumper crop expected from Brazil, most analysts are forecasting global deficits.