ISO raised its forecast for sugar production in Russia

Market & Price Trends
Published Nov 16, 2023

Tridge summary

Sugar production in Russia for the 2023/24 season is projected to reach 6.6 million tons, an increase from the previous estimate of 6.4 million tons. Export estimates have also been raised to 800 thousand tons, while imports are expected to decrease to 31 thousand tons. Heavy rain and storage capacity issues are causing difficulties in harvesting and storing sugar, leading to lower prices and impacting the profitability of sugar factories in Russia.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

According to the International Sugar Organization (ISO), sugar production in Russia in the 2023/24 season could reach 6.6 million tons. This is more than the August estimate of 6.4 million tons. Last season, sugar production in Russia amounted to 6.1 million tons. The estimate for sugar exports was also increased to 800 thousand tons, while the import estimate was reduced to 31 thousand tons. Forecasted reserves were reduced to 2.1 million tons, and annual consumption is estimated at 5.8 million tons. World sugar production in the current season, according to ISO forecast, will amount to 179.8 million tons, which is higher than last year’s 178.3 million tons. At the same time, world sugar consumption is estimated at 180.22 million tons, which is higher than the previous forecast of 176.96 million tons. The reason for this change is feedback from ISO member countries and a decrease in surpluses on national balance sheets. Leading expert of the Institute of Agricultural Market ...
Source: AgroInvestor
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