The global sugar price is currently buying 20.82 U.S. cents a pound, its highest level since August 2012.
A worldwide supply shortage plus a slow harvest in Brazil has seen sugar attract increased interest from investors.
Analyst Tom McNeill said it was good news for Australian sugarcane growers.
"These levels at in excess of 20.5 cents a pound are well over the cost of production for virtually all global producers," he said.
"I think we've still got a little way for this strength in the market and these deficits, whether they can be resolved before the start of 2017 remains to be seen."
Source: www.abc.net.au