Still only 22 cents a pound on the "world market".

We aren't even close to the nominal price peaks of the 1970s, let alone the real price peak. We would need to see 60 cent/pound or higher in order to break the 1974 level.
Moreover, sugar is a heavily regulated commodity. Tariffs, quotas, and other trade barriers inhibit market forces from properly managing the sugar industry.
Ever wonder why they use corn syrup instead of sugar to make Coca-Cola?
There's an import quota of 1.5 million tons a year in the USA. For comparison's sake, the total world consumption is well over 100 million tons so America is only allowed to import about 1% of the world's sugar.
The History of U.S. Sugar ProtectionI could go on for pages, but let me summarize it to say the global sugar industry is seriously screwed up.
While it makes for an interesting headline, problems with the sugar supply aren't a symptom of anything other than heavy-handed government manipulation.