For the Quarter Ending June 2026
Sugar Prices in North America
- In the USA, the Sugar Price Index rose by 8.02% quarter-over-quarter, reflecting tighter quota-limited imports.
- The average Sugar price for the quarter was approximately USD 848.33/MT reflecting firm import parity.
- Widening import arrivals pressured the Sugar Spot Price, increasing seller willingness to offer prompt cargoes.
- Near-term Sugar Price Forecast points to modest gains as seasonal demand balances improving export availability.
- Rising fuel and freight drove the Sugar Production Cost Trend higher, supporting supplier reserve pricing.
- Steady confectionery offtake and bakery restocking underpin the Sugar Demand Outlook for summer consumption patterns.
- Built inventories from Mexican and Brazilian arrivals eased nearby premiums in the Sugar Price Index.
- Improved Brazilian crushing and full Mexican quota shipments increased prompt availability, pressuring US import parity.
Why did the price of Sugar change in June 2026 in North America?
- Full Mexican quota shipments and increased Brazilian whites expanded imports, alleviating shortages and lowering parity.
- Domestic food manufacturers maintained routine offtake but avoided forward cover, reducing immediate buying pressure materially.
- Shorter line-ups at Santos improved cargo flows, while bunker and insurance costs remained potential risks.
Sugar Prices in APAC
- In Thailand, the Sugar Price Index fell by 1.92% quarter-over-quarter, reflecting seasonal surplus, weaker export demand.
- The average Sugar price for the quarter was approximately USD 698.33/MT based on monthly spot activity.
- Thai exporters reduced offers, pressuring the Sugar Spot Price as accumulated inventories competed with Brazilian cargoes.
- Regional balancing of output and demand supports the Sugar Price Forecast for modest recovery, capped upside.
- Lower bunker costs and bagasse power sales moderated the Sugar Production Cost Trend, preserving mill margins.
- The regional Sugar Demand Outlook softened as Indonesian quotas filled, Chinese buyers paused on tariff decisions.
- Rising mill stocks pressured the Sugar Price Index, prompting exporters to trim offers ahead of shipments.
- Mills operated near capacity, sustaining export flows while Gulf shipping risks could raise bunker, insurance costs.
Why did the price of Sugar change in June 2026 in APAC?
- Timely late-season rains increased recoverable sucrose, thereby lifting mill output and easing prompt export availability.
- Competitive, record Brazilian harvest supplied cheap cargos, capping Asian premiums and constraining Thai pricing power.
- Importers moderated spot buying after quota adjustments, reducing immediate offtake and weakening Thai price momentum.
China
- In China, the Sugar Price Index fell by 1.08% quarter-over-quarter, reflecting heavier arrivals, quota front-loading.
- Shanghai port inventories rose, keeping Sugar Spot Price under pressure and easing the Sugar Price Index.
India
- In India, the Sugar Price Index fell by 1.74% quarter-over-quarter, thereby reflecting ample domestic stocks.
- Tighter stocks and monsoon deficits elevated the Sugar Spot Price, reducing Mumbai availability and lifting prices.
Sugar Prices in Europe
- In Germany, the Sugar Price Index rose by 18.5% quarter-over-quarter, driven by tight factory stocks and robust export demand.
- The average Sugar price for the quarter was approximately USD 691.00/MT, reflecting sustained dealer offers.
- Tighter warehouse stocks elevated the Sugar Spot Price, prompting sellers to prioritise export contracts over domestic free-delivery.
- Near-term Sugar Price Forecast remains upward biased due to seasonally strong summer consumption and constrained refinery release schedules.
- Persistently elevated energy pushes the Sugar Production Cost Trend higher, sustaining refiners' disciplined Price Index offers.
- The Sugar Demand Outlook shows robust industrial restocking, especially from beverage and confectionery sectors, supporting sustained purchasing.
- Europe's Sugar Price Index reflected regional tightness as exporters diverted volumes to higher-paying UK and Italian markets.
- Inventory drawdown during off-campaign months amplified spot squeezes, while coastal refinery maintenance trimmed available free-delivery volumes.
Why did the price of Sugar change in June 2026 in Europe?
- Supply reliance on thin carry-over stocks during off-campaign months tightened availability, lifting June replacement prices.
- Elevated European white-sugar quotations plus firmer freight and insurance increased landed costs, pressuring factory offers.
- Advance purchases ahead of proposed sugar levy and stronger export demand accelerated restocking, tightening markets.
Sugar Prices in South America
- In Brazil, the Sugar Price Index fell by 2.6% quarter-over-quarter, reflecting abundant exportable supply levels.
- The average Sugar price for the quarter was approximately USD 386.67/MT, reflecting subdued demand conditions.
- Sugar Spot Price softened as port stocks increased, pressuring the Price Index amid heavy shipments.
- Sugar Price Forecast signals modest recovery later season, assuming export restocking tightens accessible global supplies.
- Sugar Production Cost Trend remained stable with bagasse energy and fertiliser supply supporting milling economics.
- Sugar Demand Outlook remains muted as beverage and industrial buyers stay cautious amid ample exports.
- Sugar Price Index volatility limited despite monthly declines, supported by steady logistics and port congestion.
- Mills increased sugar share in crush as ethanol margins weakened, expanding volumes and pressuring offers.
Why did the price of Sugar change in June 2026 in South America?
- Expanded exportable volumes from sugar-focused crush outpaced demand growth, driving June price weakness at Santos.
- Stable input costs and efficient port logistics allowed sellers to consistently accept lower FOB offers.
- Subdued overseas enquiries and ethanol parity notably reduced mill diversion, limiting demand support in June.
For the Quarter Ending March 2026
White Sugar Prices in North America
- In the USA, the White Sugar Price Index fell by 3.16% quarter-over-quarter, reflecting ample import and domestic supply.
- The average White Sugar price for the quarter was approximately USD 785.33/MT, reflecting subdued spot activity.
- White Sugar Spot Price remained narrow as comfortable inventories and slow spot enquiries limited price discovery and volatility.
- White Sugar Price Forecast points to modest gains driven by seasonal demand and origin-side supply tightening.
- White Sugar Production Cost Trend edged higher with rising bunker and ethanol incentives affecting cane diversion economics.
- White Sugar Demand Outlook shows stronger confectionery and beverage procurement ahead of spring and summer seasonal peaks.
- White Sugar Price Index displayed monthly tightening as Brazilian ethanol switching and Mexican export pace constrained nearby availability.
- Export flows and Gulf port inventories influenced availability while logistical costs modestly pressured landed import parity values.
Why did the price of White Sugar change in March 2026 in North America?
- Origin-side supply cuts from Brazil and Mexico tightened offers, supporting modest March price increases.
- Higher bunker and war-risk premiums lifted freight components, raising landed costs into Texas ports modestly.
- Domestic industrial offtake and pre-holiday confectionery buying reduced inventories, limiting seller resistance to price rallies.
White Sugar Prices in APAC
- In Thailand, the Sugar Price Index rose by 1.96% quarter-over-quarter, reflecting stronger early-quarter demand and consumption.
- The average Sugar price for the quarter was approximately USD 712.00/MT based on monthly FOB Bangkok assessments.
- Exporters increased offers while Sugar Spot Price softened amid ample harvest and abundant exportable supply.
- Downward pressure followed improved cane yields; Sugar Production Cost Trend remained moderated by bagasse cogeneration benefits.
- Regional Sugar Price Forecast suggests mild volatility as freight, insurance costs and global surplus influence flows.
- Demand shifted unevenly; Sugar Demand Outlook shows muted Indonesian and Chinese spot inquiries after prior restocking.
- Inventory accumulation pressured export parity; Sugar Price Index movements tracked logistical delays and seasonal crush ramp-up.
- Operational continuity at mills supported steady shipments, limiting short-term rallies despite tighter berth congestion intermittently.
Why did the price of Sugar change in March 2026 in APAC?
- Crushing season ramped up, expanding exportable supply and pressuring FOB prices across Thai origins immediately.
- Buyers paused after earlier restocking, reducing near-term import demand from Indonesia and China, temporarily curbing purchases.
- Freight and energy cost fluctuations plus war-risk insurance elevated logistics costs, subtly influencing miller offer levels.
White Sugar Prices in Europe
- In Germany, the Sugar Price Index fell by 6.82% quarter-over-quarter, reflecting ample beet supply available.
- The average Sugar price for the quarter was approximately USD 583.00/MT, reflecting subdued spot activity.
- March tightening lifted Sugar Spot Price as processors withheld discretionary sales to protect refining margins.
- Forward curves reflect the Sugar Price Forecast showing modest near-term upside from seasonal confectionery demand.
- Higher natural gas and freight drove the Sugar Production Cost Trend, compressing refiners' margins materially.
- German confectionery schedules and reformulation efforts shaped the Sugar Demand Outlook, limiting incremental industrial offtake.
- Port inventories and export commitments influenced the Sugar Price Index, draining local availability before Easter.
- High refinery operating rates and crop risks shaped market balance, underpinning near-term Sugar Price momentum.
Why did the price of Sugar change in March 2026 in Europe?
- Supply tightened after processors limited discretionary sales and mechanical failures constrained some beet processing operations.
- Higher energy, freight costs raised expenses, prompting sellers to protect margins and limit spot availability.
- Seasonal confectionery demand and stronger manufacturing indicators increased offtake, absorbing cargoes and tightening local markets.
White Sugar Prices in South America
- In Brazil, the Sugar Price Index fell by 3.72% quarter-over-quarter, reflecting abundant harvest and weak exports.
- The average Sugar price for the quarter was approximately USD 397.00/MT, reflecting range-bound export dynamics.
- Accumulating inventories pressured the Sugar Spot Price as mills sustained record throughput and exporters sold.
- Stronger crude raised ethanol parity, altering Sugar Production Cost Trend and prompting mills divert cane.
- Steady Asian purchases and seasonal domestic restocking improved Sugar Demand Outlook despite cautious buyer behaviour.
- Near-term projections supported modest gains; the Sugar Price Forecast indicated limited upside amid plentiful availability.
- Regional wholesale weakness and thin overseas inquiries kept the Sugar Price Index subdued through March.
- Operational continuity at Centre-South mills limited marginal cost volatility, supporting steady production and export availability.
Why did the price of Sugar change in March 2026 in South America?
- Elevated crush rates increased Brazil supply, weighing FOB differentials and pressuring March Sugar Price Index.
- Stronger crude improved ethanol parity, diverting cane into biofuel and tightening sugar available for export.
- Thin overseas buying and comfortable global inventories encouraged purchase deferment, limiting upward pressure on prices.
For the Quarter Ending December 2025
North America
- In USA, the Sugar Price Index fell by 6.1% quarter-over-quarter, reflecting abundant domestic and global supply pressure.
- The average Sugar price for the quarter was approximately USD 811.00/MT, supported by high stocks and modest post-holiday procurement.
- Sugar Spot Price pressure persisted as inventories rose and Gulf refinery availability improved, limiting upward momentum.
- Sugar Price Forecast remains mildly negative near term amid steady imports and subdued industrial procurement patterns.
- Sugar Production Cost Trend showed moderate pressure from stable feedstock and logistics costs, insufficient to lift prices.
- Sugar Demand Outlook remained tepid as confectionery and industrial offtake softened, restraining refiners' buying urgency.
- Sugar Price Index movements reflected softer export enquiries, cautious speculative activity, and easing port congestion improving supply.
- Sugar Spot Price sensitivity to tariff quota adjustments and Mexican shipments temporarily reduced nearby physical tightness.
Why did the price of Sugar change in December 2025 in North America?
- Supplemental tariff quotas and increased Mexican shipments elevated supply, easing nearby refinery tightness and lowering prices.
- Oversupply from strong domestic production combined with abundant global output pressured refining margins and weakened market bids.
- Moderate industrial demand and cautious procurement amid ample inventories reduced buying urgency, sustaining downward price momentum.
APAC
- In Thailand, the Sugar Price Index rose by 10.03% quarter-over-quarter, driven by constrained export supply.
- The average Sugar price for the quarter was approximately USD 698.33/MT, per Bangkok FOB sources.
- Laem Chabang vessel queues tightened exports, elevating the Sugar Spot Price and constraining cargo availability.
- Short-term Sugar Price Forecast remains cautious as seasonal demand competes with anticipated near-term logistical improvements.
- Higher fertiliser and trucking expenses influenced the Sugar Production Cost Trend, compressing mill margins slightly.
- Strong regional restocking supported the Sugar Demand Outlook, sustaining export bids despite muted Chinese purchases.
- Low mill stocks and Bangkok inventories kept Sugar Price Index firm despite global surplus expectations.
- Scheduled maintenance and growers shifting toward cassava reduced cane supply, maintaining upward pressure on offers.
Why did the price of Sugar change in December 2025 in APAC?
- Drought-reduced yields and weather-delayed harvesting tightened December availability, prompting mills to prioritise exports, firming offers.
- Elevated fertiliser and transport costs raised mill expenses while port congestion delayed shipments, increasing tightness.
- Year-end restocking from Indonesia and China replenished pipelines, sustaining export demand and firming FOB offers.
Europe
- In Germany, the Sugar Price Index fell by 13.0213% quarter-over-quarter, reflecting oversupply and logistics strain.
- The average Sugar price for the quarter was approximately USD 625.67/MT, reported for free-delivered Hamburg trade.
- Elevated export offers pressured the Sugar Spot Price, prompting heavy selling from Hamburg terminals into neighbours.
- Supply growth and lower energy costs tightened margins, influencing the Sugar Production Cost Trend downward modestly.
- Soft industrial demand and cautious procurement shaped the Sugar Demand Outlook, reducing spot purchasing and contract renewals.
- Forecast scenarios reflected in the Sugar Price Forecast show mild recovery potential but constrained by abundant inventories.
- Port congestion and rail disruptions intermittently stressed flows, keeping the Sugar Price Index under downward pressure.
- Refinery utilisation remained high while stocks accumulated, supporting bearish spot offers and limiting upward price spikes.
Why did the price of Sugar change in December 2025 in Europe?
- Above-normal beet yields expanded domestic output, swelling stocks and pressuring free-delivery prices across Germany and Europe.
- Weak industrial offtake and cautious buyer behavior reduced demand, reinforcing downward price momentum for delivered sugar.
- Improved logistics versus November enabled exports but Mediterranean buying remained limited, capping arbitrage and domestic price support.
South America
- In Brazil, the Sugar Price Index fell 8.37% quarter-over-quarter, reflecting supply surplus and subdued demand.
- The average Sugar price for the quarter was approximately USD 412.33/MT, reflecting weak buying interest.
- Brazilian Sugar Spot Price weakened as heavy mill stocks pressured export differentials and narrowed margins.
- Consensus Sugar Price Forecast projected recovery next year, constrained by surplus estimates and cautious buyers.
- Sugar Production Cost Trend remained stable-to-firm with energy and logistics costs limiting mills' pricing flexibility.
- Regional Sugar Demand Outlook stayed muted as refiners delayed tenders while Asian buying partially resumed.
- Sugar Price Index tightened in December due to curtailed crush rates and Asian refinery bids.
- Export demand recovered; reduced inland inventories prompted exporters to prioritize Asian nominations, tightening spot volumes.
Why did the price of Sugar change in December 2025 in South America?
- Surging Centre-South crush rates increased exportable surplus, exerting strong downward pressure on market prices overall.
- Below-average rainfall reduced crush throughput, while Santos loading constraints and logistics delays marginally tightened shipments.
- Stronger Asian refinery buying after India export curbs improved arbitrage, supporting firmer December pricing momentum.
For the Quarter EndingSeptember 2025
North America
- In the USA, the Sugar Price Index rose by 2.33% quarter-over-quarter, reflecting tighter import flows.
- The average Sugar price for the quarter was approximately USD 863.67/MT, reflecting refined import trends.
- Sugar Spot Price remained pressured amid abundant inventories and subdued industrial buying across refining hubs.
- Recent Sugar Price Forecast indicates modest volatility ahead driven by weather and tariff scenario uncertainty.
- Sugar Production Cost Trend shows easing logistics and stable feedstock costs, partially offsetting price pressure.
- Sugar Demand Outlook remains muted as health trends and GLP-1 adoption constrain industrial and household consumption.
- Elevated inventories and steady export offers pressured the Sugar Price Index, constraining refiners upside this quarter.
- Domestic stocks remained elevated, reducing urgency for imports while key supplier export demand showed seasonal improvement.
Why did the price of Sugar change in September 2025 in North America?
- High domestic inventories in September 2025 depressed buying, maintaining downward pressure despite intermittent import disruptions.
- Improved logistics and lower landed costs eased production cost pressures, supporting price stabilization in September.
- Seasonal demand pickup and tariff uncertainties created brief tightening, lifting imported Sugar offers during September.
APAC
- In Thailand, the Sugar Price Index rose by 1.82% quarter-over-quarter, reflecting export interest, supply shifts.
- The average Sugar price for the quarter was approximately USD 634.67/MT, reflecting seasonal supply and demand.
- Sugar Spot Price remained pressured by abundant harvests and subdued export window, limiting seller optimism.
- Sugar Price Forecast anticipates disease risk, ethanol demand, and export restrictions affecting near-term price trajectories.
- Sugar Production Cost Trend shows upward pressure from higher cane minimum prices and labor shortages.
- Sugar Demand Outlook remains muted domestically due to tax measures, while export interest varies regionally.
- Sugar Price Index movements were supported by opportunistic buying amid disease concerns and logistical distribution adjustments.
- Inventory builds and constrained export channels reduced upward momentum, pressuring domestic offer levels and nearby spreads.
- Operational uptime among major mills remained high, sustaining supply; hedging activity and restocking influenced short-term physical market.
Why did the price of Sugar change in September 2025 in APAC?
- Ample harvest volumes increased domestic availability, creating oversupply against relatively weak regional export demand levels.
- Limited export channels, notably Chinese restrictions, constrained outlet options, exacerbating inventory accumulation and price pressure.
- Domestic consumption softened due to taxes and health policy, while ethanol production shifted cane allocation, tightening refining volumes.
Europe
- In Germany, the Sugar Price Index fell by 1.5061% quarter-over-quarter, reflecting tightening supply and cautious buyers.
- The average Sugar price for the quarter was approximately USD 719.33/MT, reflecting demand and elevated inventories.
- Elevated inventories pressured the Sugar Spot Price despite early campaign disruptions and competitive imported volumes.
- Producers revised the Sugar Price Forecast higher modestly due to acreage reductions and evolving EU import norms.
- Rising fuel and fertilizer costs influenced the Sugar Production Cost Trend, supporting marginal recovery expectations.
- Consumption shifts toward low-sugar alternatives weigh on the Sugar Demand Outlook, limiting upside for Price Index.
- Logistics constraints and inland transport delays intermittently tightened availability, briefly supporting the Sugar Spot Price upward.
- Major refiners recalibrated operations, signaling constrained seasonal throughput which influenced the Sugar Price Index trajectory.
- Export demand fluctuations and Ukrainian import competition continue to shape the Sugar Price Forecast and trade flows.
Why did the price of Sugar change in September 2025 in Europe?
- Reduced beet acreage across key EU regions tightened domestic supply expectations, easing downward price pressure.
- Elevated inventories from a prior bumper harvest combined with subdued consumption limited immediate price upside.
- Competitive Ukrainian imports and transport bottlenecks altered trade flows, impacting availability and short-term Price Index dynamics.
South America
- In Brazil, the Sugar Price Index fell by 6.44% quarter-over-quarter, reflecting ample supply and weak demand.
- The average Sugar price for the quarter was approximately USD 450.00/MT, FOB Santos basis internationally.
- Sugar Spot Price weakened as ample harvests and congestion created stock accumulation, reducing export urgency.
- Sugar Price Forecast indicates marginal recovery if export demand strengthens and inventories begin to draw.
- Sugar Production Cost Trend remained stable as weather reduced processing fuel usage, lowering manufacturing costs.
- Sugar Demand Outlook stays subdued amid economic uncertainty, industrial purchases, and competition from ethanol diversion.
- Sugar Price Index reflects bearish pressure as global surplus and HFCS use suppress price recovery.
- Major mills operated at high throughput, yet port delays and inventory gluts maintained downward price momentum.
Why did the price of Sugar change in September 2025 in South America?
- Large Brazilian and Indian harvests expanded exportable supply, increasing inventories and pressuring prices downward in September.
- Weak international demand and cautious buying amid economic uncertainty reduced offtake, preventing price recovery during September.
- Logistics delays at key ports operational disruptions increased stocks, delaying exports, marginally suppressing FOB values.
