Rising costs could be passed on to consumers in the form of pricier candy
"Prices should trend towards staying elevated in the 21 to 24 cents per pound range," S&P's Chhimwal forecasts.
"However, the El Nino risk on Asian production outlook could far offset in the medium term and take prices much higher," Chhimwal cautioned.62% chance of El Niño conditionsDepending on the Asian monsoon rainfall, the sugar market could potentially become"very volatile" and weather driven in the medium term, he added.Lucio Tavora | Xinhua News Agency | Getty Images
The sugarcane harvest in Brazil's south-central region — which accounts for 90% of the country's production — runs from April to December and its yield would be a key gauge to monitor, said Fitch Solutions' commodities analyst Matthew Biggin. "The OPEC decision and the upturn in oil prices will likely keep prices elevated," Biggin also pointed out.
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