Sugar is a subsidized commodity, and many governments worldwide subsidize the price to encourage production and supplies. In a February 22, 2023, Barchart article, I wrote, “While the trend in world sugar futures remains bullish, bull markets rarely move in straight lines. The first support level is just below 19 cents per pound, and the bullish trend will remain intact if sugar futures do not breach that level.” The nearby ICE sugar futures price has remained primarily above the 21 cents level, making a higher high in March. Sugar continues to sweeten and is on a path to challenge the October 2016 23.90 cents per pound high.
Sugar’s rally continues
