NEW YORK, Mar 31 (Reuters) – The global sugar supply deficit in the 2020/21 season would have narrowed as higher-than-expected production in the United States, Thailand and Pakistan offset a projected decline in India, it said on Wednesday brokerage StoneX.
The company now expects a global supply shortfall of 3.2 million tonnes, 100,000 tonnes less than in the January forecast.
StoneX cut India’s 2020/21 sugar harvest forecast to 31 million tonnes from 32.1 million tonnes in January, citing problems in the state of Uttar Pradesh and higher ethanol production.
Meanwhile, it raised its production outlook in Thailand to 7.6 million tonnes from 7.4 million tonnes, due to better weather conditions at the end of the season. It also raised the US production forecast by 200,000 tonnes to 8.5 million tonnes.
Production in the south-central zone of Brazil for 2021/22, which is beginning to be harvested, was projected at 36.1 million tons, down from 38.3 million tons in 2020/21, due to a lower harvest since the drier climate than normal impacted on sugarcane growth.
(Report by Marcelo Teixeira; Edited in Spanish by Javier Leira)