Global sugar prices hit yearly high: El Niño probability rises to 81%, India bans sugar exports until end of September

El Niño continues to strengthen, with the probability of a strong event exceeding 90% — putting the global sugar market on alert. Raw sugar futures touched a one-year high of 17.11 cents per pound, as Brazil's harvest faces disruptions, India and Thailand suffer monsoon damage, and Ukraine's beet output plunges 23%. With multiple supply pressures stacking up, climate risk premiums are expected to keep pushing sugar prices higher.