US: Raw sugar prices are expected to drop 12% in 2023 with increased production in Brazil

By Marcelo Teixeira NEW YORK (Reuters) - Raw sugar prices are set to ease towards the end of this year, after a six-year peak in early February, as production is likely to rise mainly in south-central Brazil, a Reuters poll shows. with 11 traders and analysts on Tuesday. Raw sugar futures on the ICE exchange are expected to end 2023 at 18.50 cents a pound, down 12% from Monday's close, according to the survey's median forecast. ICE white sugar prices are expected to end this year at $520 per tonne, down 7% from Monday's close. The survey consensus was for a global surplus of 4.2 million tons for the 2023/24 season (October to September), against a surplus of 3.25 million tons expected in the current crop year. “The main factor (in 2023) will be the size of the Brazilian crop, and how much of it can be exported in a timely manner due to competition with the grain crop for logistics,” said independent analyst Claudiu Covrig, citing logistical bottlenecks. The research consensus is ...