Global sugar market looks headed towards surplus, analysts

The global sugar market looks increasingly likely to have a supply surplus in the 2024/25 season (Oct-Sept), despite an expected smaller Brazilian crop, as analysts believe other regions will produce more than initially expected. Broker and supply chain services provider Czarnikow on Thursday adjusted upwards its view on global sugar production by 3.2 million metric tons to 189.7 million tons in 2024/25, the highest global output on record. Czarnikow estimated global consumption at 180.8 million tons, which will result in a supply surplus in the market of 8.8 million tons in the new season. “This is thanks to increased output from the EU, Thailand and India. Global production surplus in 2024/25 will be the highest since the 2017/18 season,” it said. India is projected to produce 33.7 million tons after good monsoon rains, 2.2 million tons more than in the previous season. Sugar market adviser CovrigAnalytics also moved its sugar supply projections for 2024/25 to a surplus from a ...