In 2021, the prolonged months of drought in Brazil affected the cane yield of the world’s leading sugar producer significantly, thus bringing the world budget into a deficit. This caused a strong appreciation in the international sugar market and also in European’s one. A further boost in price came from the recovery in consumption following the end of the restrictions related to the pandemic. Moreover, for the third consecutive year, European production decreased due to adverse weather conditions together with the spread of the yellow virus in France. Given these factors and in order to satisfy the internal demand, the European sugar stocks were halved, taking the price to $600/ton.
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