Sugar soars to 30-year high on Cyclone Yasi

[Joanne98]

Source: The Australian

CONCERNS about the massive cyclone that hit the northern Queensland coast have pushed sugar prices to a 30-year peak.

Front-month March futures on New York's ICE exchange touched a high of US34.79 cents a pound, a level not seen since the early 1980s. In London, March white sugar was close to its recent record at $US834.70 a tonne.

Traders said the current move could push prices even higher.

"Thirty-five cents is an important price as there's a lot of open interest in the options market --about 25,000 lots of call options," said a London-based trader. "There are even technical projections of a move toward 37.32 cents/lb if we can hold these gains."



Read more: http://www.theaustralian.com.au/business/markets/sugar-soars-to-30-year-high-on-cyclone-yasi/story-e6frg91o-1225999173518

[woundedkarma]

1. Who really uses real sugar any more?

Everyone uses corn syrup now except maybe my wife and I and a handle of other people. (err okay I know there's a few more than that but it never seems like it)

40 years ago a climb in sugar prices might have been disastrous.. but now.. I think it's all about the corn. Unfortunately. (you should really avoid the stuff)

[aquart]

3. I use sugar.

Nobody bakes with corn syrup.

[Art_from_Ark]

5. Corn syrup is used to make pecan pies

and a lot of other stuff

http://www.karosyrup.com/recipe_details.asp?id=485

[kentauros]

10. Yeah, but you can't make a classic genoise with liquid sugar.

You must cream the granular sugar with the butter and eggs or you'll end up with a cake that doesn't rise. Liquid sugars (corn syrup, invert sugar) would add too much liquid to the mix :)

The idea that no one uses standard sugar anymore comes from the mind of someone unaware of the world around them. Most baked goods couldn't exist without it, Mexican Coke wouldn't be available, and who's going to use corn syrup with their absinthe? :P

[Le Taz Hot]

7. I do.

As do most people. I think most people also are not too fond of others telling them what they "should" do.

[muriel_volestrangler]

9. The world uses sugar; corn syrup is an American product

tied up with subsidies to corn farmers.

According to the USDA, high fructose corn syrup accounts for roughly 39% of all caloric (nutritive) sweeteners consumed in the U.S.(3)

Around the world, high fructose corn syrup accounts for about 8 percent of caloric (nutritive) sweeteners consumed. (4)

According to the USDA, sugar accounts for more than 48% of all caloric (nutritive) sweeteners consumed in the U.S.(3)

Around the world, sugar is the primary sweetener, accounting for over 92 percent of caloric (nutritive) sweeteners consumed. (4)

http://www.sweetsurprise.com/learning-center/hfcs-vs-sugar/consumption

[Art_from_Ark]

14. Funny, the only soft drink I consume on a regular basis here in Japan

contains high-fructose corn syrup and is bottled by an independent Japanese soft drink company.

[greiner3]

2. End US sugar sanctions;

Cereal prices will go up another $1 a box and pop prices $2 a case. Then there's candy bars, chocolate and most candy. Looks like I'll be following doctor's orders and finally giving up most refined sugar. HFCS is worse for you but it'll come down in price a bit. The worst sweetener you can put into your body is artificial sweetener.
I'll have 3 Big Macs, Large Fries, Apple Turnover and a Large Diet Coke.

[RantinRavin]

4. Actually, hfcs is fine

http://www.cbsnews.com/stories/2010/03/10/eveningnews/main6286934.shtml

[Nihil]

11. This advertisement is brought to you by the American Corn Growers Association.

:P

[pampango]

12. And US sugar subidies. Big agri companies don't need the subsidy.

Subsidies are also given to companies and individuals with little connection to traditional farming. It has been reported that the largest part of the sum given to these companies flow to multinational companies like food conglomerates, sugar manufacturers and liquor distillers. For example in France, the single largest beneficiary was the chicken processor Groupe Doux, at €62.8m, and was followed by about a dozen sugar manufacturers which together reaped more than €103m.

http://en.wikipedia.org/wiki/Agricultural_subsidy

[SharonAnn]

13. Sugar is cheaper on the world market, but we're not allowed to pay low prices for it.

We must pay the higher prices. We're not alowed toimport low cost sugar and sell it for a low price.

HFCS wouldn't be competitive if it had to compete with the world price of sugar.

And, without sugar subsidies, we wouldn't be enriching the Florida, Batista conservatives who want to turn this country into the kind of country they had in Cuba before Castro. One where a few wealthy families owned and controlled everything, the mob enforced it, and the rest of the country was left poverty-stricken.

[canetoad]

6. Within a few days

I will have to sell a kidney to afford bananas.

[lonestarnot]

8. and I'll have to sell one for beans. I think I'll buy kidney beans.

[AnnieBW]

15. That area of Oz is a HUGE Sugar Producing Area

We drove past miles and miles of cane fields when we went from Cairns to Townsville to the boat that took us to the Great Barrier Reef.