StoneX reduces global sugar surplus estimate to 5m tonnes in 2022/23

Published 2023년 2월 1일

Tridge summary

StoneX predicts a global sugar surplus of 5 million tons for the 2022/23 harvest, with a slight decrease in expected volume due to uncertainties in Indian production. India's production is expected to match the previous season at 35.8 million tons, and there may be additional quota for exports. Brazil's production is projected to remain at 37 million tons. The European Union and the United Kingdom are expected to see a decrease in sugar production by 8%, with strategies to mitigate productivity losses from extreme dry climate.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The 2022/23 global sugar harvest (October 2022 to September 2023) should register a surplus of 5 million tons, estimates StoneX consultancy. Volume is slightly below the 5.18 million projected in November 2022 for the cycle. According to the consultancy, the adjustment reflects the uncertain scenario for production in India, which should not exceed the total recorded in 2021/22. The situation in India puts the sugar market on high alert, given the possibility of a reduction in world supply. “A lot of the news has been disheartening, as higher-than-normal rainfall between September and November has hurt the productivity of Indian sugarcane fields,” StoneX points out. The consultancy foresees production of 35.8 million tons by India in the 2023/24 cycle, the same volume as in the 2021/22 season. India should discuss this month, according to StoneX, the possibility of announcing an additional quota of sugar for export, above the 6 million tons already disclosed. "If it actually ...

Source: Novacana