New York raw sugar futures fell to their lowest level in more than two years due to market expectations of sufficient global supply. The price of raw sugar once fell 1.2% to 17.48 cents per pound. The cumulative decline this month was about 7%, pressured by expectations of a possible oversupply in the next production season. Furthermore, Covrig Analytics analyst Claudiu Covrig said that reduced procurement from sugar refineries in the Middle East and Africa, combined with concerns about the global economy, is further suppressing sugar prices.

New York raw sugar futures fell to their lowest level in more than two years due to market expectations of sufficient global supply. The price of raw sugar once fell 1.2% to 17.48 cents per pound. The cumulative decline this month was about 7%, pressured by expectations of a possible oversupply in the next production season. Furthermore, Covrig Analytics analyst Claudiu Covrig said that reduced procurement from sugar refineries in the Middle East and Africa, combined with concerns about the global economy, is further suppressing sugar prices.