The Effects of Shifts in Supply on the World Sugar Market
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World production shortfalls and increased speculative activity have been suggested as major causes
of recent, dramatic price increases for sugar. A two-region spatial equilibrium model analyzes the
U.S. and the rest-of-the-world sugar markets. By systematically shifting the rest-of-the-world
supply curve, the model examines the direct effects of supply shifts on the market equilibrium.
High sugar price levels can be explained largely by reduced supplies on the world market.