sugar is a trade commodity - similar to oil but without the wild swings.
Wheat, Rice, coffee, cocoa, corn, orange juice are other products also traded on world exchanges.
Sugar had dropped to a very low level about 2 years ago and started rising again, from bottom to recent top last April, it had doubled in price, but is now stablising near its average for past 5 years.
A while ago, a kg of sugar could be bought for 79c, now cheapest is about €1.29 and it may fall back a bit in spring, but I doubt if we'll see sub €1 again as it was uneconomical to produce it at that price.