Export market for White Sugar in Thailand (12월, 2022)

In 2022, Brazil's sugarcane production rebounded from a decade-low in 2021, leading to a significant increase in the national harvest and a fierce rally in the sugar futures market. International prices reached their highest since February 2017, with the first raw sugar contract on the New York Stock Exchange raising to 21.18 cents per pound, a level not seen since 2016. This surge is attributed to a tight short-term supply, despite an expected global production increase in the next year. Factors such as harvest delays in Thailand, Australia, and Central America, and rainfall in Brazil, have reduced supply. The rally was also driven by mills and exporters in India establishing long positions in anticipation of the country's second export quota. Brazil's sugar production saw a 2.8% increase, totaling 32.94 million tons.