Czarnikow forecasts a small surplus on the world sugar market
According to the forecast of Czarnikow, in the current season 2023/24, the global sugar market expects a small surplus of 1.6 million tons. This is due to favorable weather conditions in the largest producer – Brazil, as well as rains at the end of the season in Thailand, Nasdaq reports.
The company’s forecast for world sugar production is 179.7 million tons in 2023/24 MY, which is 1.3 million tons more than the December forecast. The consumption forecast remained virtually unchanged at 178.1 million tons.
It is noted that many European countries harvested a good crop, despite the increase in precipitation at the end of the season, and Russia also had a good year, exceeding expectations.
As for 2024/25 MY, Czarnikow reports that rising cane prices in countries such as China and Thailand should encourage farmers to expand their acreage, increasing global sugar production to 180.2 million tons and leaving the market with a small deficit of 0.3 million tons.
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