Surplus in the global sugar market increases in 23/24, says StoneX
Sugar
Mexico
Published Mar 22, 2024
Tridge summary
The global sugar market is expected to see a larger surplus than previously anticipated in the 2023/24 season, due to increased production in India and Thailand, says brokerage firm StoneX. The firm has revised its forecast, predicting global sugar production to exceed total demand by 3.88 million metric tons, a rise from the 3.4 million tons predicted in February. However, due to drier than normal weather, StoneX has lowered its outlook for the next harvest in central-south Brazil, expecting a 9% drop in agricultural productivity.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
NEW YORK (Reuters) - The global sugar market is expected to have a larger-than-expected surplus in the 2023/24 season (October-September) due to production recoveries in India and Thailand in the final stages of their harvests, the brokerage StoneX on Thursday. It projected global sugar production would exceed total demand by 3.88 million metric tons, up from the 3.4 million tons forecast in February. StoneX revised up its forecast for India production by 1.7 million tonnes to 32.8 million tonnes and added 500,000 tonnes to its estimate for Thailand to 9.1 million tonnes. Both countries are having a better harvest, with higher yields in the final phase. Better-than-expected production in Asia offset cuts in Mexico and Brazil, the brokerage said. StoneX also released a new estimate for the next harvest in central-south Brazil, which begins in April. It sharply lowered its outlook for total sugarcane crushing from 622 million tonnes in January to 602 million tonnes, saying ...
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