Sugar (Sugar No. 11, SB): An exporter is waiting in line to import

The global sugar market has completely reshaped its balance in just one quarter. As recently as June, analysts were debating a surplus, but in August, India—the world’s second-largest producer and a traditional exporter—opened its markets to duty-free imports for the first time in nearly a decade. Europe is facing its worst beet harvest in eleven years, Brazilian mills are producing ethanol instead of sugar, and El Niño is intensifying over Asia. We break down what’s behind the most significant price movement in recent years.