ISO has raised its forecast for the global sugar deficit in the 2023/24 crop year

Published Jun 12, 2024

Tridge summary

The article reports a decrease in the futures prices for raw and white sugar, with the Brazilian real's lowest value against the dollar since January 2023 potentially influencing factory sales. Dry weather in Brazil has expedited harvest but concerns about production persist. The International Sugar Organization (ISO) forecasts a slight decrease in global sugar production for the 2023/24 crop year, along with an increase in consumption, while maintaining Brazil's production forecast. The ISO has shifted its outlook for the next three months from neutral to more optimistic. Additionally, the article provides a detailed table of raw sugar prices for futures on ICE.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Source: The price of raw sugar SBc1 for July 2024 futures on ICE decreased by 0.37 cents, equivalent to 1.9%, to 18.63 US cents/lb. The price of white sugar LSUc1 for August futures on the London exchange decreased by 1.6%, closing at 544.2 USD/ton. The Brazilian real fell to its lowest level against the dollar since January 2023, which could spur selling from factories. According to dealers, dry weather in key Brazilian areas has accelerated the pace of harvest, although this is still a major concern. Global sugar production in the 2023/24 crop year is forecast by ISO at 179.270 million tons, down from 179.749 million tons previously forecast. Consumption is also expected to increase from 180.438 million tons to 182.224 million tons. ISO maintains the 2023/24 sugar production forecast of leading producer - Brazil at 44.519 million tons. But the organization added that downward production revisions for regions including North America were offset by higher production ...
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