The International Sugar Organization on Thursday raised its forecast for a projected global sugar surplus in 2017/18 (October/September) to 5.15 million tonnes, up from a previous forecast of 5.03 million. The upward revision was driven by lower than previously anticipated consumption of 173.55 million tonnes for 2017/18, down from a prior forecast of 174.41 million.
Global sugar production was seen at 178.70 million tonnes, slightly down from a previous forecast of 179.45 million, the ISO said in a quarterly report. The ISO estimated there was a global sugar deficit of 2.54 million tonnes in the 2016/17 season. "The revision has not changed our initial view of the global supply/demand situation," the ISO said.
"World production is still expected to rise sharply by more than 6 percent or 10.470 million tonnes to reach a new record...on the back of massive production gains projected for China, the EU and India, as well as record production in Thailand." The ISO said early indications pointed towards a high probability that the surplus phase in the sugar cycle would last for at least one more season.
Comments
Comments are closed.