El Nino Phenomenon Triggers Global Surge In Sugar Prices
El Nino Phenomenon Triggers Global Surge In Sugar Prices
The United Nations Food and Agriculture Organization predicts a 2% drop in global sugar production in the 2023-24 season compared to the previous year. Consequently, sugar reserves worldwide are at their lowest since 2009. The situation is made worse as sugar has increasingly been used for biofuels like ethanol.An unprecedented spike in sugar prices worldwide has been observed, primarily as a result of adverse weather conditions associated with El Nino, damaging crops.
據觀察，全球糖價出現了前所未有的飆升，這主要是由於與厄爾尼諾現象相關的惡劣天氣條件破壞了農作物。
As per an Associated Press report on Sunday, the surge in sugar prices has hit its highest since 2011.
根據美聯社週日報道，糖價的飆升已達到2011年以來的最高水平。
The abnormal weather conditions have severely affected India and Thailand, the world's second- and third-largest sugar exporters, leading to a significant reduction in global supplies. A 50-kilogram bag of sugar, which cost $66 a week ago, is now priced at $81, resulting in a dwindling customer base for traders.
異常的天氣狀況嚴重影響了世界第二和第三大糖出口國印度和泰國，導致全球供應大幅減少。一袋50千克的糖，一週前售價爲66美元，現在的價格爲81美元，這導致交易者的客戶群不斷減少。
The United Nations Food and Agriculture Organization predicts a 2% drop in global sugar production in the 2023-24 season compared to the previous year. Consequently, sugar reserves worldwide are at their lowest since 2009. The situation is made worse as sugar has increasingly been used for biofuels like ethanol.
聯合國糧食及農業組織預測，與去年相比，2023-24季全球食糖產量將下降2％。因此，全球糖儲量處於2009年以來的最低水平。隨着糖越來越多地用於乙醇等生物燃料，情況變得更糟了。
See Also: 'Binance Will Be History Soon': 'Shark Tank' Investor Kevin O'Leary Speaks Out On Future Of Cryptocurrency Exchange
另見：“幣安很快就會成爲歷史”：“鯊魚坦克” 投資者凱文·奧利裏就加密貨幣交易所的未來發表講話
While Brazil, the largest sugar exporter, could help to bridge the supply gap, its harvest will only be available later in 2024. In the meantime, import-dependent countries, especially in sub-Saharan Africa, are left vulnerable. Countries like Nigeria, which imports 98% of its raw sugar, are feeling the pinch.
儘管最大的糖出口國巴西可以幫助彌合供應缺口，但其收成要到2024年晚些時候才能到貨。與此同時，依賴進口的國家，尤其是撒哈拉以南非洲國家，處於脆弱狀態。像尼日利亞這樣進口98％的原糖的國家正陷入困境。
Unfavorable weather conditions due to El Nino have also led to India experiencing its driest August in over a century. As a result, India is likely to see a decrease of 8% in its sugar production this year, according to the Indian Sugar Mills Association.
厄爾尼諾現象造成的不利天氣條件也導致印度經歷了一個多世紀以來最乾燥的八月。因此，根據印度糖廠協會的數據，印度今年的糖產量可能會下降8％。
In the coming months, the situation is expected to be further exacerbated by population growth and increasing sugar consumption, straining the already low sugar reserves, warns the FAO. Global sugar reserves are sufficient for less than 68 days to fulfill the world population's demands, down from 106 days in 2020, according to USDA data.
糧農組織警告說，在未來幾個月中，人口增長和糖消費量的增加預計將進一步加劇這種情況，使已經很低的糖儲量變得緊張。根據美國農業部的數據，全球糖儲量足以滿足世界人口的需求不到68天，低於2020年的106天。
One particular ETF to note given the situation is the Teucrium Sugar Fund (NYSE:CANE), which reflects the performance of the sugar futures market by tracking the price movements of sugar futures contracts.
鑑於這種情況，值得特別注意的一個ETF是Teucrium Sugar Fund（紐約證券交易所代碼：CANE），它通過追蹤糖期貨合約的價格走勢來反映糖期貨市場的表現。
Read Next: Benzinga Bulls And Bears: Tesla, Microsoft, Bitcoin And Why Dogecoin Appears On Verge Of Major Breakout
繼續閱讀：Benzinga 牛市和熊市：特斯拉、微軟、比特幣以及爲什麼狗狗幣即將出現重大突破
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
該內容部分是在人工智能工具的幫助下製作的，並由Benzinga編輯審查和發佈。
Photo: Shutterstock
照片：Shutterstock
譯文內容由第三人軟體翻譯。
