Sugar prices are on an upswing, possibly the result of recent frosts in southern Florida and Louisiana. Domestic sugar futures closed last week at around 21 cents, almost a penny above December levels.
Many in the industry are marking the disaster as the worst freeze in over 11 years. However, crop-damage estimates for sugar cane in the two states are not available.
It is known that about half of the crop was harvested when the freezing temperatures hit at the beginning of the year.