Sugar is looking even sweeter than ever for investors, and the related exchange traded note (ETN) seems to be enjoying the market sweet spot as well.

This week, sugar prices rose to highs not seen in 28 years as concerns over a global sugar shortage were realized. The October contract for sugar, which expired Wednesday, rose 0.66 cent to 24.12 cents per pound on the Coffee, Sugar & Cocoa Exchange, reports Sarah Lepro for Associated Press. (Why are people so sweet on sugar?)

Last year, poor weather and low crop production hindered the sugar harvest and now the commodity is coming up short. A dryer-than-normal growing season in India and too much rain in Brazil have hurt the crops in two of the biggest sugar-producing countries. (More on the coffee, cocoa and sugar outlook).

Jim Rogers, a commodities enthusiast, claimed last year that agriculture was a good place to be. Last year, he said he was going long on sugar. Since then, prices have doubled or tripled. Despite that, prices are still 70% off their all-time high, reports The Market Oracle. “I wouldn’t buy sugar right now, [but] I’m not selling it,” Rogers says.

For more stories about sugar, visit our sugar category. Be sure to be aware of the differences between ETFs and ETNs.

• iPath Dow Jones AIG Sugar TR Sub-Index ETN (NYSEArca: SGG): up 60% year-to-date

Tags: Agriculture, Commodity ETFs, ETNs, SGG, Sugar