Production in the primary growing region of the globe's top producer of the natural sweetener slipped 17 percent during the first half of this month as compared to the same period last year, according to trade association Unica. Last week, the European Union and Mexico boosted the amount of sugar they will import, which also increased the soft commodity's price.
"The raw market is tight," Michael McDougal, a senior vice president at Newedge USA in New York, told the news service last week. "Prices have started rising in anticipation of rising demand."
At 8:03 a.m. on Monday, sugar futures gained 0.87 percent, a 0.002 cent increase to 0.2319 cents per pound.
Come October 1, India will raise the price that sugar mills must pay to acquire sugar cane from farmers.
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