Global sugar prices surge amid Brazilian weather disruptions

Global sugar markets have seen a significant price surge in early October following reports of heavy rainfall in Brazil. This weather disruption, potentially linked to El Niño, has led S&P to reduce its Brazilian production estimate by 2 million tonnes for the current campaign. Consequently, the projected global surplus for the 2026-2027 period has been revised downward from a 3.9 million tonne surplus to less than 0.4 million tonnes. Raw sugar prices have approached 21 cents per pound, reaching levels not seen in two years.

In Morocco, grain import trends show a shift in composition. While total cereal imports fell by 25% compared to the previous campaign period, corn has solidified its position as the primary imported cereal. Soft wheat imports saw a significant decline of approximately 96% between June and September compared to the previous year, despite a slight return to the statistics in September after a three-month absence. Conversely, durum wheat imports increased by 12% during the same period.