LONDON, Might 14 (Reuters) – The outlook for the worldwide sugar market is tightening with a projected world surplus for 2021/22 shrinking, whereas a deficit within the present 2020/21 season has widened, Tropical Analysis Providers (TRS) stated in a report.
TRS projected a surplus of two.48 million tonnes, uncooked worth, in 2021/22 (October/September) in contrast with a surplus of 5.18 million forecast in February, pushed primarily by a diminished outlook for manufacturing.
International manufacturing in 2021/22 was seen at 188.94 million tonnes, down from 191.51 million seen beforehand, whereas world consumption was barely modified at 184.38 million versus 184.50 million forecast in February.
“The brand new wave of COVID-19 inflections in Asia, and notably in India, does pose a draw back danger to our present estimate of sugar consumption for this area,” TRS stated.
The analyst stated manufacturing forecasts for 2021/22 had been reduce for India, Centre-South Brazil and the European Union (together with Britain).
TRS additionally noticed a world sugar deficit of three.75 million tonnes for 2020/21 versus a earlier projection of a deficit of two.07 million, additionally primarily reflecting diminished manufacturing prospects.
(Reporting by Nigel Hunt; modifying by David Evans)
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