StoneX revised its global sugar market outlook, projecting a surplus of 2.8 million tonnes in 2025/26, despite a deficit of 4.7 million tonnes in 2024/25 caused by lower output in Brazil and India. The market remains pressured by high inventories, record Brazilian exports in 2024, and slow international imports, keeping prices subdued. Brazil’s Center-South region leads with strong crushing volumes, higher sugar mix, and expanding corn ethanol, which should push sugar output to 41.7 million tonnes in 2025/26. India is expected to produce 32.3 million tonnes, with weather conditions supporting cane development. Future price trends hinge on trade flows, Brazil’s off-season, Thailand’s delayed supply, and refined sugar demand, with risks of tighter availability boosting the London-NY differential.
Source: Nova Cana
STONEX PROJECTS GLOBAL SURPLUS OF 2.8 MILLION TONS OF SUGAR IN 2025/26
Published On - 26 de September de 2025