StoneX forecasts a global sugar surplus of 2.9 million tons for 2025–26, even as Brazilian production declines. A projected 4% rise in global stocks will lift the stock-to-use ratio to 39.6%, above the historical average, and likely limit significant price increases. In Brazil, a shift of cane toward ethanol has reduced the sugar mix, lowering output in both the Center-South and North-Northeast regions. Meanwhile, India’s harvest is progressing rapidly, while Thailand faces delays and downgraded production. Looking ahead to 2026-27, Brazil is expected to undergo a structural shift toward greater ethanol production.
Source: Revista Cultivar (*Translated by Ia Niani)
STONEX: GLOBAL SUGAR SURPLUS REMAINS ROBUST IN 2025-26
Published On - 5 de February de 2026