The World Is Awash in Sugar, and the Surplus Is Set to Stay
Sugarcane fields in Piracicaba, Sao Paulo state, Brazil.
Photographer: Victor Moriyama/BloombergThe sugar market is weighed down by a global glut, and a big crop coming from top grower Brazil means the problem is likely to persist.
New York sugar futures are already trading at about half of a 2023 peak, with consumption set to trail production in the current season by an estimated 1.63 million tons, buoyed by Asian producers India, Thailand and Pakistan.