International Sugar Market sees decline in November due to increase in global supply

The international sugar market saw a drop in prices in November, after a series of increases in previous months. On the New York Stock Exchange (ICE Futures US), raw sugar contracts due in March 2024 closed at 21.69 cents per pound on November 27, compared to 22.74 cents on October 31, representing a decrease of 4.61%. This decline in prices occurs in the context of an increase in global sugar supplies. The International Sugar Organization (ISO) revised its forecasts, reducing the global sugar deficit for the 2024/25 harvest from 3.58 million to 2.51 million tons. In addition, the ISO estimated that there will be a surplus of 1.31 million tons in the 2023/24 harvest (October to September), after an initial forecast of a deficit of 200,000 tons. The shift to a surplus in 2023/24 was attributed to a downward revision in consumption estimates. The IOA revised its global sugar consumption forecast for 2024/25 to 181.58 million tonnes from 182.87 million tonnes, and for 2023/24 to ...