India's sugar export ban until September 2026 reshapes global markets. The world's second-largest sugar producer has restricted exports to control domestic prices amid rising production costs. Higher diesel and fertilizer prices have squeezed margins across all major producing nations. Brazil, the top exporter, faces production costs of 18.63 cents per pound while raw sugar trades at just 15.30 cents, meaning no major producer is currently profitable. India's move will tighten global supply and likely boost prices for competitors like Brazil, Thailand, and Australia. With input costs making sugar unprofitable worldwide, farmers are shifting to alternative crops, potentially reducing future plantings in the Northern Hemisphere and tropical regions. This supply constraint could create significant market volatility through 2026.
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