I first made the bullish case for sugar in February of last year.  Since that time, sugar is roughly flat.  I, however, am not roughly flat, and am, in fact, way, way below flat, having traded the white stuff poorly.  Ah well, lesson learned.

I closed out my last sugar futures position a few days ago so I can invest what is left of my account in another more compelling idea.  However, a long-term shift may be occurring that is bullish for sugar, and I may revisit the trade some time in the future.

From the tomato sauce on a Pizza Hut pie called “The Natural,” to the just-released soda Pepsi Natural, some of the biggest players in the American food business have started, in the last few months, replacing high-fructose corn syrup with old-fashioned sugar.

ConAgra uses only sugar or honey in its new Healthy Choice All Natural frozen entrees. Kraft Foods recently removed the corn sweetener from its salad dressings, and is working on its Lunchables line of portable meals and snacks.

The turnaround comes after three decades during which high-fructose corn syrup had been gaining on sugar in the American diet. Consumption of the two finally drew even in 2003, according to the Department of Agriculture. Recently, though, the trend has reversed. Per capita, American adults ate about 44 pounds of sugar in 2007, compared with about 40 pounds of high-fructose corn syrup.

“Sugar was the old devil, and high-fructose corn syrup is the new devil,” said Marcia Mogelonsky, a senior analyst at Mintel International, a market-research company.

With sugar sales up, the Sugar Association last year ended its Sweet by Nature campaign, which pointed out that sugar is found in fruits and vegetables, said Andy Briscoe, president of the association. “Obviously, demand is moving in the right direction so we are taking a break,” Mr. Briscoe said.

Blamed for hyperactivity in children and studied as an addictive substance, sugar has had its share of image problems. But the widespread criticism of high-fructose corn syrup — the first lady, Michelle Obama, has said she will not give her children products made with it — has made sugar look good by comparison.

Most scientists do not share the perception. Though research is still under way, many nutrition and obesity experts say sugar and high-fructose corn syrup are equally bad in excess. But, as is often the case with competing food claims, the battle is as much about marketing as it is about science.

Some shoppers prefer cane or beet sugar because it is less processed. High-fructose corn syrup is produced by a complex series of chemical reactions that includes the use of three enzymes and caustic soda.

Others see the pervasiveness of the inexpensive sweetener as a symbol of the ill effects of government subsidies given to large agribusiness interests like corn growers.

But the most common argument has to do with the rapid rise of obesity in the United States, which began in the 1980s, not long after industrial-grade high-fructose corn syrup was invented. As the amount of the sweetener in the American diet has expanded, so have Americans.