OIA lowers projection for global sugar surplus in 2022/23 to 4.2 million tonnes

LONDON (Reuters) - The International Sugar Organization (IOA) on Friday cut its forecast for the size of the global sugar surplus in the 2022/23 season, driven mainly by lower-than-expected production. The intergovernmental body's quarterly report projected a global surplus of 4.2 million tonnes in 2022/23 (October to September), down from the previous forecast of 6.2 million released in November 2022. A Reuters poll of traders and analysts released earlier this month had a median forecast for the 2022/23 season of a surplus of 3.25m tonnes. “Our fundamental view has shifted from neutral-bearish to neutral over the next three months,” the OIA said. Global production in 2022/23 is still estimated at a record 180.4 million tonnes, down from the previous projection of 182.1 million. Production in India fell to 34.3 million tonnes from the previous forecast of 35.5 million. Earlier this week, farmers and traders told Reuters that India is likely to produce less ...