The USDA revises its 2023/24 world sugar production forecast downwards

In its second report on the world sugar market in the 2023/24 campaign, the United States Department of Agriculture (USDA) has revised its global production forecast downward by just over 4 million tons, which now stands at 183 .4 million tons. Despite the cut, this is a volume higher than that obtained in the previous campaign by 8.2%. The increase compared to the last campaign is mainly due to the increase in production in Brazil and India, which more than offsets the expected decline in Thailand and Pakistan. Brazil will reach 41 million tons due to an increase in the area planted with cane due to both favorable weather conditions and good sugar prices, which have encouraged farmers to opt for cane instead of cereals or oilseeds. This increased availability will lead to record exports of 32.5 million tonnes while consumption falls. India will also obtain a higher production than the previous season. In this case, however, exports will decrease due to the increase in domestic ...