ISO pegs  global sugar production at 178.79 million tonnes in 2022-2023

The International Sugar Organization ISO estimates world sugar production will be higher by 179.89 million tonnes (mt) in 2022-2023, although it predicted weaker import demand and export capacity. ISO’s 0.87 percent higher production forecast equates to 178.33 million tonnes in 2021-22. Consumption for the 2022-2023 season is 180.22 million tons compared to 178.02 million tons, an increase of 1.24 percent. As a result, a deficit of 0.34 million tonnes is likely compared to a surplus of 0.31 million tonnes in 2021-22. The sugar shop, however, sees this as progress. This is despite the fact that ending stocks are forecast to be 0.4 percent lower, or 100.67 million tons, compared to 100.71 million tons a year ago. On the other hand, import demand is forecast lower at 65.01 million tonnes from 66.07 million tonnes, while export demand is forecast at 64.76 million tonnes from 65.7 million tonnes in 2021-22.   

 “Prices are calming down”

    “The improvement in  global sugar supplies, as reported by the International Sugar Organization in its recent report, will calm international sugar prices, which have recently risen”, said Uppal Shah, founder and CEO of AgriMandi.Live. research   On November 9, the prices of raw sugar  on the international market rose to the highest level in the last 12 years. Prices are currently slightly down to 27.20 cents after the ISO rating. “We are seeing an improvement in sugar production  in Brazil, which will help meet the world sugar demand as India is not in the global market. Shah said the government will continue the current export restrictions  to meet domestic  demand and ethanol commitments. Going forward, the price of oil is likely to play an important role in determining the ratio of Brazil’s sugar to ethanol production. “In the short term, I think international prices will come down a bit”.

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