| GEO Business|
| World sugar prices at the highest level in 2009|
| Updated at: 1330 PST, Thursday, August 20, 2009|
KARACHI: The price of sugar on world markets has soared by 57% so far this year as parts of Brazil, the largest exporter, had rainfall four times more than normal, making the cane too wet for milling.
The world price of sugar, as traded on the London International Financial Futures and Options Exchange, has moved from 14˘/lb last December to 22˘ this month.
According to the USDA, the wholesale price of sugar in the United States has risen by just 15% from a year ago to a little under 35˘/lb.
Interestingly, buyers have yet to begin complaining--either about shortage or higher purchase prices--in various surveys.