• Home
  • About
  • Favorite Articles
  • My Core Beliefs
  • Recommended Reading
  • The Gospel
  • What signs?
  • Why Prophecy?
  • Where do I start?

myBlessedHope

…while we wait for the blessed hope – the glorious appearing of our great God and Savior, Jesus Christ,… – Titus 2:13

Feeds:
Posts
Comments
« Lebanon sources: Hezbollah planning coup if charged in Hariri murder
Earthquake rattles Serbia »

Sugar soars to 30-year high as supply fears grow

November 9, 2010 by myblessedhope

Food prices are going to be hit with a double whammy soon, the combination of shortages due the the extreme weather and inflation due to our government devaluing our dollar.

_________________________________________________________________

Sugar soars to 30-year high as supply fears grow

The price of sugar has jumped to a 30-year high as the Brazilian harvest has tailed off sharply, hardening expectations of a shortage.

Traders believe that prices could soar over the coming months as the market faces a supply shortfall driven by smaller-than-forecast crops in important growing countries from Brazil to Russia and western Europe.

EDITOR’S CHOICE

In depth: Global food crisis – Nov-02

Traders warn of further sugar volatility – Oct-27

Sugar merchant forecasts jump in demand – Oct-26

Indian crop doubts send sugar soaring – Oct-15

At the same time, inventories are at their lowest levels in decades. “All buyers we see are buying on a hand-to-mouth basis,” said Peter de Klerk of Czarnikow, the London sugar merchant.

That has pushed prices up sharply, with raw sugar futures in New York soaring 135 per cent from a low of 13 cents in May.

On Tuesday ICE March sugar rose 4 per cent to a peak of 30.64 cents a pound, surpassing the level reached in February and rising to their highest point since 1980, when prices jumped to nearly 45 cents.

The dramatic rise in sugar prices is causing headaches for policymakers. While sugar is widely available in the west and its price is rarely considered, it is an essential source of cheap calories in emerging economies, where surging sugar prices are driving food inflation.

On Tuesday India’s central bank raised benchmark interest rates for the sixth time this year in an attempt to curb inflation.

New Delhi has emerged as a crucial factor in the sugar market, as India’s harvest is expected to be large, but the government is still debating how much sugar to allow the country’s industry to export. Traders expect India to authorise exports of 1m-2m tonnes starting in December. Anything less, or even a delay to the decision, could send prices spiralling higher, traders warn.

“They need to start selling additional volumes by mid-December, otherwise the hole in the market is getting wider,” said Mr de Klerk.

The latest move up in prices was triggered by a spell of dry weather in Brazil, which dominates the global sugar trade with about half of world exports.

Unica, the country’s cane industry association, said last week that production was down 30 per cent in the first half of October from 2009, while Kingsman, a consultancy in Lausanne, has downgraded its forecast for the Brazilian crop by 2.3 per cent. “If Brazil is going to have a lower harvest it makes it that much harder to fill the deficit,” said Jonathan Kingsman.

Many observers believe Brazil’s sugar harvest will be smaller next year, as farmers are forced to replant ageing cane.

“For the sugar market, fear about Brazil is worse than fear about India, which drove the price to 30 cents last year,” Jean-Luc Bohbot, head of trading at Sucres et Denrées, one of the largest physical sugar traders, said last week.

“Anything affecting Brazil will have a direct impact on trade flows.”

_________________________________________________________________

Click on the article title for a link to full original referenced article.

Share this:

  • Print
  • Email
  • Facebook

Like this:

Like Loading...

Related

Posted in End Times Prophecy, Weather signs | Tagged 30 year high, end times prophecy, food prices, prophecy, rising food prices, sugar, weather signs |

  • God’s Word:

    "For it is by grace you have been saved, through faith--and this not from yourselves, it is the gift of God--not by works, so that no one can boast. For we are God's workmanship, created in Christ Jesus to do good works, which God prepared in advance for us to do." -- Ephesians 2:8-10
  • Recent Posts

    • The deep meaning of God’s word…
    • The hook in the mouth of the Gog…
    • A Thief in the Night…
    • Is The Bible True Or Not?
    • Apostasy from within…
    • At the tipping point or already on the downhill slide…
    • Mega-pastor: Ten Commandments no longer applicable
    • Deception – The Death of Journalism…
    • Dissecting Christ’s Declaration on Noah’s Day
    • English Bible Version Overview Diagram
    • Were the Pyramids Built Before the Flood? (Masoretic Text vs. Original Hebrew)
    • As in the Days of Noah…
    • The Atheist Delusion Movie
    • Jesus Only!
    • 2017: What a 15-day ride so far…
  • Categories

    • Aloha Sermon's & Prophecy updates (52)
    • Antichrist (110)
    • chart of the day (2)
    • Christian Persecution (272)
    • Church Falling Away (301)
    • Daily Scripture (3)
    • Days of Noah (310)
    • Deception (700)
    • Devotional (36)
    • Earthquakes (163)
    • End Times Prophecy (1,051)
    • Ezekiel 38 War (267)
    • Feasts (21)
    • Just for Fun (47)
    • Mark of the Beast (69)
    • My Thoughts (7)
    • One World Currency (289)
    • One World Government (347)
    • One World Religion (137)
    • Pestilence (103)
    • Prophecy Headlines (113)
    • Psalm 83 War (289)
    • Rapture (173)
    • Rebuilding the temple (30)
    • Restoring Honor (11)
    • Salvation (154)
    • Uncategorized (19)
    • Weather signs (243)
  • Pages

    • About
    • Favorite Articles
    • My Core Beliefs
      • I’m a Pre-Millennial, Pre-Tribulational Dispensationalist. A what???
      • Dispensational Truth: Part II
      • Dispensational Truth: Part III
      • Dispensational Truth: Part IV
    • Recommended Reading
    • The Gospel
    • What signs?
      • Re-Emergence of Israel
      • Jerusalem is a Burden to the World
      • The Dramatic Increase in Travel and Knowledge
      • Exponential Growth Marks the Times
      • Rise of the Gog / Magog Alliance
      • The Rise of Global Government
      • The Good News Preached Throughout the World
    • Why Prophecy?
    • Where do I start?
      • Seven Things You Have to Know to Understand End Times Prophecy
      • Sequence Of Major Events
      • Destiny Of The Three Components Of Humanity
      • Purpose And Length Of The Great Tribulation
      • Purpose Of The Rapture
      • Conditions Surrounding The 2nd Coming
      • Duration and Purpose of the Millennium
      • Eternity
      • Breaking down the Book of Revelation
  • News

    • CNS News
    • OneNewsNow.com
    • The Blaze
    • World Net Daily
  • Prophecy Links

    • Biblical Evangelism
    • creation.com
    • Ezekiel Watch
    • Frank Dimora's Blog
    • Grace Thru Faith
    • Joel Rosenberg's Blog
    • Living Water
    • Rapture Ready
    • The Truth Group
  • Supplies

    • Chirstian Books Superstore
    • Emergency Essentials
    • Food Insurance
  • Support

    • I am Second
    • In Touch Ministries
    • K-LOVE
    • Rizeup
    • Wallbuilders
  • Archives

    • April 2022 (3)
    • September 2018 (8)
    • August 2018 (2)
    • July 2017 (1)
    • January 2017 (3)
    • December 2016 (7)
    • November 2016 (3)
    • September 2016 (5)
    • July 2016 (5)
    • February 2016 (3)
    • November 2015 (1)
    • October 2015 (1)
    • September 2015 (6)
    • August 2015 (5)
    • July 2015 (2)
    • June 2015 (2)
    • May 2015 (2)
    • April 2015 (1)
    • March 2015 (6)
    • February 2015 (3)
    • January 2015 (1)
    • December 2014 (7)
    • November 2014 (3)
    • October 2014 (4)
    • September 2014 (18)
    • August 2014 (9)
    • July 2014 (2)
    • June 2014 (1)
    • May 2014 (5)
    • April 2014 (5)
    • March 2014 (11)
    • February 2014 (3)
    • December 2013 (9)
    • November 2013 (1)
    • October 2013 (1)
    • September 2013 (2)
    • August 2013 (15)
    • July 2013 (1)
    • June 2013 (10)
    • May 2013 (8)
    • April 2013 (10)
    • March 2013 (6)
    • February 2013 (21)
    • January 2013 (14)
    • December 2012 (17)
    • November 2012 (17)
    • October 2012 (20)
    • September 2012 (33)
    • August 2012 (39)
    • July 2012 (9)
    • June 2012 (23)
    • May 2012 (10)
    • April 2012 (12)
    • March 2012 (42)
    • February 2012 (13)
    • January 2012 (8)
    • December 2011 (2)
    • November 2011 (17)
    • October 2011 (8)
    • September 2011 (19)
    • August 2011 (12)
    • July 2011 (17)
    • June 2011 (7)
    • May 2011 (12)
    • April 2011 (6)
    • March 2011 (25)
    • February 2011 (7)
    • January 2011 (31)
    • December 2010 (23)
    • November 2010 (104)
    • October 2010 (194)
    • September 2010 (256)
    • August 2010 (241)
  • Meta

    • Register
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.com

Blog at WordPress.com.

WPThemes.


  • Follow Following
    • myBlessedHope
    • Join 94 other followers
    • Already have a WordPress.com account? Log in now.
    • myBlessedHope
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Copy shortlink
    • Report this content
    • View post in Reader
    • Manage subscriptions
    • Collapse this bar
%d bloggers like this: