Rabobank forecasts a surplus in global sugar supply for both the 2023/24 and 2024/25 seasons, estimating 3.2 million tons surplus for 2023/24 and 700 thousand tons for 2024/25. Analysts note that current New York prices, around 18 to 19 cents per pound, may not reflect risks such as climate conditions in Brazil and Thailand, major exporters. The report emphasizes heightened scrutiny over Brazil’s current harvest, focusing on sugar cane allocation by mills and total recoverable sugar levels (ATR).
Source: Nova Cana
RABOBANK PROJECTS A SURPLUS OF 700 THOUSAND TONS OF SUGAR IN THE 2024/25 GLOBAL HARVEST
Published On - 11 de July de 2024