So much has the debate over sugar entered the mainstream that it is no longe

So much has the debate over sugar entered the mainstream that it is no longer unusual to hear two "manly" men(26)exchanging stories about how cutting out sugar from their coffee. Choosing to cut sugar out of your diet is one thing, but whether or not you can(27)afford to cut sugar out of you portfolio is another question altogether. Earlier this year, unusually hot and dry weather in Brazil made(28)headlines regarding the effect the weather would have on global coffee, orange juice and sugar prices.
    Brazil holds the key to the world sugar price as it is responsible more than 20% of supply and almost 60% of global sugar(29)trade flows. But now that the first results of the Brazilian(30)harvest are coming through, it seems the sugar price was about as exaggerated as its allegedly(31)fundamental effect on waistlines.
    The reason for this, explained Brendan Grundlingh, a food and beverage analyst, is that in the two to three years before the(32)drought fear, Brazil, Thailand and India all experienced(33)abundant sugar cane crops. If you look at the bigger picture, sugar prices have been falling steadily since early 2012 and have now(34)dropped more than 20% since late April.
    To cut a long story short, these declining prices couldn’ t have come at a worse time for South African producers. Just as Tongaat and Illovo’ s operations were recovering from a drought up north, the locally listed producers had to(35)contend with imported sugar at prices below that at which they could produce.