The USDA revises its 2023/24 world sugar production forecast downwards

Market & Price Trends
Published Dec 1, 2023

Tridge summary

The USDA has lowered its global production forecast for the 2023/24 sugar campaign by over 4 million tons, but it is still higher than the previous campaign by 8.2%. Brazil and India are increasing their production, offsetting the expected decline in Thailand and Pakistan. Brazil's increase in production is due to favorable weather conditions and high sugar prices, leading to record exports, while India's exports will decrease due to increased domestic demand and government limitations on sales abroad. EU production will grow by 3%, with a decrease in France due to a ban on the use of neonicotinoids.
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

In its second report on the world sugar market in the 2023/24 campaign, the United States Department of Agriculture (USDA) has revised its global production forecast downward by just over 4 million tons, which now stands at 183 .4 million tons. Despite the cut, this is a volume higher than that obtained in the previous campaign by 8.2%. The increase compared to the last campaign is mainly due to the increase in production in Brazil and India, which more than offsets the expected decline in Thailand and Pakistan. Brazil will reach 41 million tons due to an increase in the area planted with cane due to both favorable weather conditions and good sugar prices, which have encouraged farmers to opt for cane instead of cereals or oilseeds. This increased availability will lead to record exports of 32.5 million tonnes while consumption falls. India will also obtain a higher production than the previous season. In this case, however, exports will decrease due to the increase in domestic ...
Source: Agropopular
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