Global prices of raw sugar are likely to remain high in the long-term due to low availability of the sweetener. Raw sugar futures on the Intercontinental Exchange are now trading below the ethanol parity, directly reducing the availability of sugar. A fall in prices of sugar incentivises millers to shift to ethanol production. Mills in key cane-producing countries like Brazil have a choice between producing sugar or ethanol. The combined effect of sugar trading below the ethanol parity and increased probability of rainfall (in Brazil) would likely cause the sugar mix to swerve in favor of ethanol.