International Sugar Organization raises global sugar deficit forecast for 2023/24

Market & Price Trends
Published Feb 28, 2024

Tridge summary

The International Sugar Organization (OIA) has revised its forecast for the global sugar deficit in the 2023/24 season to 689,000 tonnes, a significant increase from its previous estimate of 335,000 tonnes. This is in contrast to a Reuters survey that predicted a small surplus of 500,000 tonnes. The OIA also adjusted its production forecasts, predicting a decrease in global sugar production, an increase in Brazil's output, but a decline in Thailand's production. For the 2022/23 season, the OIA reported a global surplus of 308,000 tonnes.
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Original content

LONDON (Reuters) - The International Sugar Organization (OIA) on Wednesday raised its forecast for the size of the global sugar deficit expected for the current 2023/24 season. The intergovernmental body's quarterly report projected a global deficit of 689,000 tonnes for 2023/24 (October/September), compared with a deficit of 335,000 tonnes forecast in its last update in November 2023. A Reuters survey of analysts and traders this month showed a median forecast of a small surplus of 500,000 tonnes in the 2023/24 season. Global sugar production in 2023/24 was seen at 179.7 million tonnes, down from the previous projection of 179.9 million tonnes, with a modest upward revision to consumption expectations from 180.2 million tonnes to 180.4 million tons. The OIA raised its forecast for Brazilian production in 2023/24 from 43.07 million tonnes to 44.52 million tonnes, but reduced its outlook for Thailand from 9.48 million tonnes to 8.24 ...
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