FAO Sugar Price Index 20% lower in July

The FAO Sugar Price Index averaged 166.7 points in July, down 10.7 points (6%) from June and nearly 20% lower than its level in the corresponding period of last year.

"The sharp decline in July was largely driven by improved production prospects in the main sugar producing countries, notably India and Thailand," the message says.

Expectations of lower sugar output in Brazil, the world’s largest producer and exporter, resulting from protracted drought conditions, as well as a greater use of sugarcane for the production of ethanol, limited the fall in international sugar prices.

Reference: the average value of the FAO Sugar Price Index in May stood at 175.3 points, which is 0.5% lower the April indicator.