Sugar
The sweetener traded as raw and white, with Brazil setting the margin and India swinging exports.
Overview
Raw sugar trades 112,000 pound contracts in New York, white sugar in London, and Brazil, the top producer and exporter by far, sets marginal price through its cane ethanol mix: when fuel prices are high, mills make ethanol instead of sugar. India swings exports with monsoon output and politics, and its export bans lift world prices. Thailand and Australia fill in, and the EU went from exporter to importer after ending beet quotas in 2017. The US sugar program keeps domestic prices around double world levels through loans and quotas. Futures term structure flips with the Brazilian center south crush.
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