The price of sugar: visions of the global staple foods price crisis on 2008?
A reason for national or regional economic fortresses (aka self-sufficiency in production)?
The recent events:
The world price of raw sugar has reached to its highest level since March 1981!
This price increase seems to be driven by supply side fears related to the growing demand in Brazil for sugar to be turned into ethanol and a sharp 45% 2008-2009 year-on-year decline in production in India and concerns that since India had less rain in the monsoon season etc, the pending sugar crop, which will be ready around November, will be lacking.