Raw sugar futures have risen, and bullish traders continue to bet that the strong El Niño phenomenon will lead to tighter supply in major sugar producing countries. The most actively traded raw sugar futures contract in New York rose 3.2% at one point, recovering the gains that began before London Sugar Week last week. Green Pool Commodity Specialists said in a report on Monday that under the influence of record rainfall and El Niño expectations, the market absorbed the impact of a possible “sharp drop” in 2026-27 sugar cane production estimates in south-central Brazil, driving futures prices higher. Rainfall is expected to increase this week, which may further delay harvesting. At the same time, analysts wrote that speculators “have been actively buying during this round of gains, and producers are clearly taking advantage of the opportunities brought about by price recovery to sell.”

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