Raw sugar futures gained roughly 20% in 2026 after rising 21.5% in August, their strongest monthly advance since October 2010. The rally has outpaced Bitcoin, gold and the S&P 500: Bitcoin trades near $79,800 after gaining roughly 25% last month but remains down about 8.8% for 2026, while gold is up 1.7% and the S&P 500 nearly 13%. The FAO Sugar Price Index averaged 106.4 points in August, up 11.9% from July and its highest level since June 2025. The Food and Agriculture Organization of the United Nations cited lower EU beet yields, El Niño risks in Asia, weaker Brazilian production and India’s duty-free import decision. The European Commission expects EU output to fall 19% to 13.4 million metric tons in 2026/27. Citi estimates a 1.3 million-ton global deficit, while Green Pool Commodity Specialists sees 3.2 million tons.