In the first half of November, sugar production in Brazil’s center-south increased by 31 per cent, reaching a total of 2.19 million metric tonnes (MMT), according to data from industry group UNICA.
UNICA’s report also stated that 34.77 MMT of sugarcane were crushed during this period, marking a 32% rise from the previous year. Additionally, total ethanol production saw a 29% increase, reaching 1.64 billion liters.
In a recently released report, on November 15, on the worldwide sugar market, the International Sugar Organization (ISO) had indicated a notable improvement, projecting a reduction in the global supply deficit in 2023-24 season. The deficit is now forecasted at 0.33 million metric tonnes (MMT), lower than the previous estimate of 2.11 MMT.
The ISO attributed this positive shift primarily to the substantial increase in sugar production in Brazil. The sugar body reported that Brazil’s sugar season in 2023 experienced favorable conditions, characterized by ample early-year rains fostering crop development and subsequently followed by helping dry weather for smooth harvest. In contrast, other regions, notably in Asia, encountered drier-than-normal weather conditions, resulting in a substantial reduction in sugar production.
Revising its outlook for global sugar production in the 2023-24 season, the ISO projected it to 179.88 MMT, up from the previous estimate of 174.84 MMT. Concurrently, the forecast for global sugar consumption was revised upward to 180.22 MMT, compared to 176.96 MMT projected in August.
