Global sugar supply surplus rises on India, Thailand, says broker

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NEW YORK : The global sugar market is projected to have a larger than expected supply surplus in the 2023/24 October to September season due to production recoveries in India and Thailand in the later stages of their crops, broker StoneX said on Thursday.

A labourer carries a sack of sugar to load it onto a supply truck at a market area in Kolkata, India, January 25, 2019. REUTRS/Rupak De Chowdhuri/File Photo

StoneX revised up its projection for India's production by 1.7 million tons to 32.8 million tons, and added 500,000 tons to its estimate for Thailand to 9.1 million tons. Both countries are having a better crop tail, with higher yields in the final stage.StoneX also released a new estimate for the upcoming Brazil's Centre-South crop that starts in April.

 

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