Refined sugar prices in Colombia are down 17% this year, said Colombian sugar cane growers’ association Asocana on Monday.
In August the average price per every 50 kilo sack of sugar was $43.92 compared with the price of $52.64 per sack last December, according to the association.
Refined sugar future prices on the global operator of financial markets NYSE Liffe London, averaged $572.69 per metric ton in August this year, down from $608.08 in December 2011.
According to the president of Asocana, the domestic sugar price is based on international prices and so it has dropped accordingly.
A September 9th report by NYSE Liffe India said that it has lowered its forecast for sugar production for the coming months due to a delayed monsoon, while the U.S. Climate Prediction Center has scaled down the intensity of the fore-casted El Niño, reducing the chances of excessive rains for Colombia and main sugar producer Brazil.