Sugar soars as weather delays Brazilian shipments; global demand strong amid tight supplies

Sugar prices soar on global supply concerns

Sugar prices are soaring as rainy weather slows shipments out of Brazil. Meanwhile global demand for sugar is strong and supplies are tight.

Sugar for October delivery settled up 0.3 cent at 22.73 cents a pound Friday. It’s a seven-month high for the contract.

Weather-related issues have gradually lowered production estimates in a number of countries. The latest problem is rain that’s delaying shipments from Brazil, the world’s biggest sugar producer.

Metals and grains are mixed while energy prices are higher.