Global sugar prices were ruling at multi year high just two months back, on the back of massive production shortfall in the world’s largest consuming country i.e, India. But over the last two months, there have been upward revisions in the supplies in Brazil, Australia and also India.
All these have led to cancellation of many contracts by India and other major countries like Pakistan also. All these have led to the prices nose diving by over 35% in the last two months. Now there are reports of a record production from the largest producing nation ie., Brazil this year. The new supplies are expected from next month.
That has added to the pressure, and most of the analysts are expecting sugar prices to go down further by anything between 10% to 15% over the next few months.
Sugar has turned sour for a change, but that would sound tasty for millions of sugar users in India and across the globe.