USDA revises global sugar production estimate downwards to 183.4 million tons

The United States Department of Agriculture (USDA) reduced its projection for global sugar production in the 2023/24 season, now estimating growth to 183.461 million tons. This represents an increase of 4.65% compared to the 175.307 million tons recorded in 2022/23, as revealed in its biannual monitoring report on the international sugar market. The USDA forecasts that global demand for the sweetener will reach 178.431 million tons in 2023/24, compared to the 176.380 million tons projected for 2022/23, representing an increase of 1.16%. This dynamic results in a supply surplus of 5.03 million tonnes in the international sugar market in 2023/24, a significant increase compared to the deficit of 1.073 million tonnes recorded in 2022/23. The downward revision in USDA estimates reflects higher-than-expected production growth in Brazil and India, which is expected to more than offset forecast declines in Thailand and Pakistan's 2023/24 harvests. The expectation is for a new record in ...