1.Which of the following would best help to explain why the JUL21 sugar futures contract priceincreasedon January 1, 2021?

a.On January 1, Brazil announced that their sugar cane crop was on pace to break all previous record high levels.

b.The USDA World Agricultural Outlook Board (WAOB) reported that global supplies were the smallest in history which was exactly what analysts predicted it would be.

c.There has been a trend over the last three year towards lower consumption of sugar based drinks in U.S. which has decreased the demand for sugar.

d.On January 1, updated weather models revealed that El Nio was predicted to last much longer and will now be a serious threat to the South American sugar cane crop.