Heavy rainfall expected in Brazil’s sugar-producing regions in next 10 Days

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.


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