(Updates with forecast for refined-sugar prices in second paragraph.)
Dec. 15 (Bloomberg) -- Prices for U.S. domestic raw-sugar may climb to 38 cents a pound to 40 cents during the season that started on Oct. 1, according to Frank Jenkins, the president of Wilton, Connecticut-based Jenkins Sugar Group Inc.
Domestic refined-sugar prices may trade from 53 cents and 58 cents by next summer, Jenkins said during a presentation at a conference in New York.
Import quotas will be a driving factor in the domestic sugar market, Jenkins said. The sweetener is the only major agricultural commodity produced in the U.S. that is subject to import quotas.
Next season’s prices will be highly “dependent on weather in both the U.S. and Mexico,” Jenkins said. Raw sugar may retreat to 24 cents, while refined sweetener may fall to 35 cents, he said.
--Editors: Millie Munshi, Daniel Enoch
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