StoneX claims that the global sugar surplus in the 2022–23 cylce (October–September) remains unaltered. Even though the growth of most of the crops since October of last year has been pointing to a lower balance than that expected in more cautious projections. “India is expected to export 5.0 million tons less than it did during the previous cycle when it shipped over 11 million tons to the international market. The three major exporters (Brazil, India, and Thailand) will likely provide more sugar to the global market in 2022–2023, however, most of this volume should be concentrated in the 2023–24 cycle (Apr–Mar) in the center–south of Brazil”. This should have a greater impact on trade flow from May onwards.
Source: Jornal Cana (*Translated by Ia Niani)