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LONDON, June 4 (Reuters) – The Worldwide Sugar Group (ISO) on Friday forecast a smaller than beforehand anticipated international sugar deficit, with the revision pushed largely by decrease consumption.
The inter-governmental physique, in a quarterly replace, forecast a world deficit of three.1 million tonnes within the present 2020/21 season, down from a earlier projection in February of 4.eight million tonnes.
The ISO expects international consumption for the 2020/21 season (Oct/Sept) to be 172.Four million tonnes, down from a earlier forecast of 173.eight million tonnes however nonetheless 1.2% above the earlier season.
“Consumption was lowered on this evaluation to replicate the upsurge in COVID-19 instances in India and Brazil and restrictions on vacation journey,” the ISO stated.
Anticipated international manufacturing in 2020/21 was raised barely to 169.2 million tonnes, up from a earlier forecast of 169.zero million tonnes, with an upward revision for Centre-South Brazil partially offset by decrease estimates for Thailand and Cuba.
Centre-South Brazil manufacturing was seen at 38.1 million tonnes, up from a earlier forecast of 36.5 million tonnes, reflecting elevated allocation of cane to sugar.
Cane can be utilized to supply both sugar or biofuel ethanol and a few mills can change between the 2 relying on which is extra worthwhile.
(Reporting by Nigel Hunt Modifying by David Goodman)
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