Brazil: strong global demand for sugar goes against projections and surprises

Published 2021년 1월 25일

Tridge summary

The global demand for sugar has surged by over 70% in sugar futures contracts traded in New York since April, driven by strong consumption despite the pandemic and restrictions on services. Despite initial projections of reduced demand, people have adapted to the pandemic by increasing purchases of homemade baked goods and maintaining stocks. With the anticipation of a rebound in economic activities and vaccinations, sugar demand is projected to hit a record high in the upcoming season, led by Asia and Africa, despite challenges in production in Brazil, the European Union, and Thailand. In India, the largest consumer, purchases are expected to rise by up to 1 million tonnes this season, fueled by government aid and increased consumption during isolation.

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Original content

egenda: Pressures on production in Brazil, the European Union and Thailand have spiked more than 70% in sugar futures contracts negotiated in New York since the lows reached in April Even with restaurants, cinemas and sports stadiums closed, people continued to devour sugar. With the enthusiasm for homemade cakes and cookies, the forms of emergency aid and the accumulation of stocks, global demand was very strong last season, contrary to the projections of some of the largest sugar traders in the world. And consumption is expected to rebound to a record high in the annual season starting in October, according to Tom McNeill, director of Australian research firm Green Pool Commodity Specialists, based in Brisbane. This is in contrast to what was said in the early stages of the coronavirus crisis, when isolation measures from Paris to Los Angeles shook sales of services and products of all kinds, including soft drinks and chocolates. People have adapted to pandemic life, government ...

Source: Brasilagro