India, Thailand to export more sugar
India and Thailand will likely export more sugar next year, compensating for an expected decline from Brazil and making it probable that prices will drop, according to C Czarnikow Sugar Ltd.
By Agencies |
LONDON: India and Thailand will likely export more sugar next year, compensating for an expected decline from Brazil and making it probable that prices will drop, according to C Czarnikow Sugar Ltd, the world's largest sugar broker.
India is set to become the world's biggest sugar producer and will try to reduce its stockpiles by exporting more of the sweetener, said Toby Cohen, head of research at Czarnikow in London. Brazil, deterred by lower prices, will probably divert more sugar into ethanol production, he said.
"India will export far more sugar than we've ever seen before," Cohen told an F O Licht conference in Brussels today.
Global sugar supply is forecast to exceed demand by 14 million metric tons next year, equal to about 10 per cent of consumption, according to ED&F Man Holdings Ltd. Prices for refined sugar traded in London have dropped 20 per cent this year, while raw sugar traded in New York has declined 16 per cent.
India is set to become the world's biggest sugar producer and will try to reduce its stockpiles by exporting more of the sweetener, said Toby Cohen, head of research at Czarnikow in London. Brazil, deterred by lower prices, will probably divert more sugar into ethanol production, he said.
"India will export far more sugar than we've ever seen before," Cohen told an F O Licht conference in Brussels today.
Global sugar supply is forecast to exceed demand by 14 million metric tons next year, equal to about 10 per cent of consumption, according to ED&F Man Holdings Ltd. Prices for refined sugar traded in London have dropped 20 per cent this year, while raw sugar traded in New York has declined 16 per cent.
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