ISO lowers forecast for global sugar deficit in 2024/25

The International Sugar Organization (ISO) has revised its global sugar supply/demand forecast, predicting a surplus of 1.31 million tonnes for the 2023/24 cycle, up from a deficit of 0.2 million tonnes due to reduced consumption estimates. The surplus is expected to increase to 5.89 million tonnes by the 2024/25 cycle. Global sugar production is projected to reach a record 181.36 million tonnes in 2023/24, with China contributing to the increase. The ISO also anticipates a decline in global sugar consumption in 2024/25. In contrast, global fuel ethanol production is expected to rise to 117.7 billion liters in 2024, driven by record exports and expanded production in the US and India. Molasses production is also expected to increase to a record 69.1 million tonnes in 2023/24, with strong demand primarily driven by animal feed and food additives. However, high fructose syrup production is not expected to grow significantly in 2024, with the US expected to export heavily to Mexico to offset weaker domestic consumption.