Sugar will make the global markets bitter?

The world sugar market is expected to have a deficit of nearly two million tons this season due to Brazil, the top producer, starting a weak path amid unfavorable rainfall patterns. The future product of Brazil has started weak, and the amount of raw sugar inventory from the important central region of South Brazil is expected to decrease by almost 40% compared to a year ago. While production in the Northern Hemisphere responded positively to high sugar prices in 2023, lower grain prices, and favorable weather, it was not enough to offset Brazil's production challenges due to drought and fires. India, the number two sugar producer, may not be able to rescue the market and resume exports to offset the shortfall. Exchange-traded raw sugar futures hit a six-month high last month amid concerns over a long and unprecedented drought in Brazil.