Futures have fallen by more than 25% so far this year, the largest annual decline in nearly 14 years, as the market expects a large crop worldwide and anticipates that lower oil prices will lead to smaller volumes of sugarcane being diverted for ethanol production. Raw sugar futures fell for the fourth consecutive session, amid speculation that India may approve exports this season with lower-than-expected volumes being converted for ethanol production. The most-active contract in New York fell about 1.1% to 14.21 cents per pound on Wednesday, hitting its lowest level since December 2020. Sugar producers in India now expect to use about 3.4 million tons of sugarcane for ethanol production.
