Sugar prices spike to a decade high on rising worries of a global shortage

• Sugar prices have jumped 19% so far this year to hit the highest level in a decade. 
• The surge comes amid growing fears of a global supply shortage.
• India will not expand its export quota, while other producers do not have strong stockpiles.

Raw sugar prices touched their highest level in a decade, as the prospect of a global supply shock intensified.

Prices in New York rose as much as 1.9% Wednesday before paring gains, after they jumped 2.6% on Tuesday, according to Bloomberg.