Trump Urges Coke to Replace High Fructose Corn Syrup with Sugar, Stocks Rise

In a surprising move, President Trump has announced that Coca-Cola (KO) will be switching from using high fructose corn syrup to cane sugar in its drinks.

This comes as ADM, a major producer of both high fructose corn syrup and cane sugar, has seen its stock gain around 12% over the last three months and 6% in 2025 so far. Coca-Cola's stock also reacted positively to the news, rising almost 2%, which brought its year-to-date climb to over 13%. However, Coca-Cola did not explicitly confirm the switch in their statement, instead saying they appreciate the President's enthusiasm and will share details on new product offerings soon. The Corn Refiners Association, which represents high fructose corn syrup producers, expressed concerns about potential job losses and the negative impact on American farmers if the switch to cane sugar were to occur.

The Trump administration has previously called for food companies to reformulate products to remove less healthy ingredients. PepsiCo (PEP) CEO Ramon Laguarta commented on the situation, highlighting that 60% of their U.S. beverages already use sugar or no sugar and that they are aiming to remove artificial ingredients from Lays and Tostitos by the end of the year. He also touched on the need for a government strategy to make sugar more affordable in the U.S. to facilitate such industry-wide transitions. The announcement caused raw sugar futures to rise.