Brazil is bracing for heavy rainfall in the coming days, which could potentially impact sugar prices. Forecaster Maxar Technologies has isaid that heavy rain is expected in Brazil’s sugar-producing regions over the next ten days, potentially causing delays in crop harvesting.
It’s worth noting that last Friday, following projections by the International Sugar Organization (ISO) of a decline in global sugar production for 2023/24 and shortage in the global sugar market, sugar prices reached their highest levels in a week.
The ISO has recently released its projection for the upcoming 2023/24 sugar season, forecasting a decrease of -1.2% in global sugar production, resulting in a total of 174.83 million metric tons (MMT). In a significant shift, the global sugar market is expected to experience a deficit of -2.118 MMT in the 2023/24 period, reversing the surplus of 0.49 MMT recorded in the previous 2022/23 season.
