(MENAFN- ProactiveInvestors)Sugar futures saw their biggest gain for 23 years after supplies were disrupted by terrible weather conditions in Brazil. The International Sugar Organization said that adverse weather will leave the market short of 5mln tons of sugar in the current year. It will be the first deficit in five years as harvests are hit by El Nino and heavy rainfall in Brazil the world's largest producer of sugar cane. On the Intercontinental Exchange the most actively-traded May sugar futures rose 9% to 13.90 cents a pound. It is the largest one day gain since March 1993 said Bloomberg. London's ICE Futures Europe saw white sugar for May delivery jump 6% to $395.90 a ton. In 2015 the percentage of sugar cane crop in Brazil converted to sugar hit the lowest level in eight years as growers favoured the ethanol market. Prices have risen substantially after the Brazilian government raised the minimum percentage of ethanol fuel blended into gasoline. El Nino also drove palm oil prices to its highest level in nearly 2 years earlier this month after Malaysian stockpiles fell to a six month low.
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