Last week, Czarnikow lowered its estimate of the current global sugar supply surplus in 2022/23 to 2 million tons, compared with the previous estimate of 3.6 million tons.

The bulk commodity trader said that the global sugar output in 2022/23 is expected to decrease by 1.5 million tons to 178.3 million tons compared with the previous estimate, due to the revision of small sugar producing countries such as Russia, Vietnam, Egypt and Japan.

Czarnikow still expects that the global sugar consumption in this year will total 176 million tons, a record high level, about 3 million tons more than that in 2021/22 affected by the epidemic.

Czarnikow said: "The strong growth of consumption and the small decline of output mean that the scale of surplus in this year (2022/23) is only half of that in 2021/22."

News source: Mutian Technology