World prices for raw sugar (f.o.b.
Caribbean Contract No. 11) averaged 5.56 cents per pound
during the first three months of 2000 and 6.54 cents per
pound in calendar year 1999. The price for Contract No.
11 raw sugar has declined steadily for the past four
years, with an exceptionally sharp decline between
January and April of 1999, as many large producers had
increased production, while many large importers were
still facing financial difficulties. In the first three
months of 2000 prices steadied as the market gained a
more accurate picture of the global surplus. The picture
also improved due to expectations of a lower 2000/01
output, which held the world raw sugar price steady in
the 5.50 to 5.70 cents per pound range.
World refined sugar (C.I.F., London,
Contract No. 5) prices averaged 7.69 cents per pound in
the first two months of 2000. The average price in 1999
was 9.10 cents per pound, though the price continued to
drift downward throughout the year.
U.S. raw sugar prices (nearby futures,
C.I.F., duty-fee paid, New York, Contract No. 14)
averaged 17.80 cents per pound through the first three
months of 2000.
