History of Sugar Prices
Sugar is one of the oldest commodities to be cultivated and traded. While it gets a bit of a bad rap for its role in the growing obesity problem, it is still a much-needed cooking tool. It has changed the landscape in parts of the world, such as Hawaii and the Caribbean, more than any other crop. And if imitation is flattery, sugar has more imitations than almost any other commodity. Does this Spark an idea?
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Discovery of Sugar
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Several hundred years before the birth of Christ, in the course of his conquest of the known world Alexander the Great found a reed near the Indus River that tasted sweet. He brought the plant back to the Middle East with him, introducing sugar to his empire, which included North Africa. The Muslims brought it with them to Europe when they won control of what is now Spain and Portugal about a thousand years later.
Sugar Farming
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The sugar cane plant prefers warmer, more tropical climates and found a home in the plantations of the Caribbean, worked by slave labor. Hawaii, with a climate perfect for sugar cane growth, also became a major producer.
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Sugar Substiutes
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As technology improved, lifestyles became easier and people started packing on the pounds. The demand for calorie-free sweeteners exploded. There are now several no-calorie substitutes that have a hyper-sweet taste. These substitutes are generally not recommended for baking, though, so sugar remains a necessity.
Sugar Prices
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We know sugar has been actively traded for 2,000 years, but it's hard to ascertain the way it was valued. There's evidence that during the 13th century sugar sold for prices comparable with other spices at the time. In the last hundred years or so sugar prices have remained consistent except for a few spikes during the world wars. Surprisingly, the competition in the market from no-calorie substitutes has not affected the price.
Sugar Futures
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It is hard to predict the future of sugar prices. With the growing obesity epidemic in America and other countries, the rise of diabetes, and the creation of sugar substitutes, sugar's future is uncertain. It is hard to imagine it will become obsolete, but its position in trade will definitely change once more.
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