CZARNIKOW FORECASTS GLOBAL SUGAR SURPLUS

According to Czarnikow’s estimate on Thursday, there is a surplus of 1.6 million metric tons of sugar worldwide for the current 2023-24 season. This is due to favorable weather conditions in Brazil, which is the largest producer of sugar globally, and rainfall in Thailand during the second half of the season. The entity predicts that global sugar production will reach 179.7 million tons in 2023-24, an increase of 1.3 million tons from the December forecast. The consumption forecast, however, remains almost unchanged at 178.1 million tons. Despite increased rainfall towards the end of the season, many countries in Europe had a successful harvest, while Russia had a fruitful year with yields that exceeded expectations.
Sources: Reuters/Money Times (*Translated by Ia Niani)