Brazil is likely to produce 41 million tonnes of sugar in the 2020/21 campaign, according to the consultancy Job Economia, reported Reuters.
The Philippines is likely to import 450,000 tonnes of sugar during the current 2020/21 as the production is forecast to drop to 2 million tonnes while consumption is expected to rise to 2.35 million tonnes. The country will maintain its preferential access to the US market by exporting 140,000 tonnes sugar.
As of March 31, Brazilian mills had hedged 17 million tonnes of sugar using ICE futures contracts on the New York Stock Exchange, a large increase over the same period last year, according to Archer Consulting reported Reuters.
The sugar giant Suedzucker said on 29th January that it is planning to cut sugar output and close sugar factories to save about €100 million (US$114 million) a year following a slump in sugar prices.
Philippines – 9 sugar mills finish 2017/18 campaign earlier as cane supply dries up [Full subscriber]
Nine sugar mills have ended their 2017/18 campaign earlier than usual this crop year due to the 15% drop in cane production, according to local press reports.
Millers in India owe cane growers 70 billion rupees (S$3.42 billion) at the end of March, a more than 21% jump from January-end reported Reuters.
Prodimex, the largest Russian sugar producer, produced a record 1.46 million tonnes of sugar during the -2017/18 campaign from 10.6 million tonnes of sugar beet, according to the Deputy Director of the company Vadim Yeryzhensky.
Sugar mills in southern India are hit hard by chronic shortage cane impacting sugar output, according to local press reports. This is against the backdrop that sugar production in India is forecast to rise by 25% this year.
Cristal Union, the European Union’s fourth largest sugar producer, stated recently that weeks of dry weather in Europe is expected to hit sugar production and exports, reported Reuters.
Forecast for sugar production for the 2017/18 season is trimmed by 7% after a destructive cyclone destroyed crops in a major producing region according to the Australian Bureau of Agriculture, Resource Economics and Rural Sciences (ABARES).