StoneX reduces global sugar surplus estimate to 5m tonnes in 2022/23
Sugar
Published Feb 1, 2023
Tridge summary
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 alert, given the possibility of a reduction in world supply.
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 ...
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