SAO PAULO (Reuters) – The International Sugar Organization (OIA) predicted on Wednesday a global sugar surplus in the 2022/23 season (October to September), driven by record production.
The intergovernmental body’s quarterly update projected a global surplus of 5.6 million tonnes in 2022/23, compared with a deficit of 1.3 million tonnes in the previous season.
Global production in 2022/23 was forecast at 181.9 million tonnes, up 4.5% from the previous season.
The increase is likely to be partly driven by an expected rise in production in Brazil to 38.5mt from 33.1mt in the current season.
Thai sugar production was forecast to rise to 12.0 million tonnes, up from 10.1 million tonnes in the previous season, as crops continue to recover from two years of drought.
Global consumption is expected to increase by just 0.5% to 176.3 million tonnes.
(Reporting by Nigel Hunt)
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