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Pandemic Cuts Global Sugar Consumption by 2.5 Mn T – S&P Global Platts

25 Sep 2020 9:41 pm
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Mumbai (Commodities Control) – The coronavirus pandemic is seen cutting global sugar consumption by 2.5 million tonnes in the 2019-20 season (Oct-Sept), helping to sharply reduce an expected supply deficit, analysts S&P Global Platts said on Friday.

The stay-at-home measures to fight the outbreak reduced sugar use globally. They also led to a fall in ethanol consumption and prices in Brazil that pushed mills in the largest producer to maximize sugar production, erasing a global deficit that was previously projected at nearly 7 million tonnes, it said.

S&P Global Platts now sees the global sugar supply deficit in 2019-20 at a much smaller 260,000 tonnes, but it projects the deficit increasing in the new season (2020-21) to 1.14 million tonnes as it projects sugar consumption will recover and grow 1.5%.

The analysts see a positive price outlook for 2020-21, estimating raw sugar futures to rise to around 14.5 cents per pound due to the expected recovery in demand and a larger use of ethanol in Brazil, which would reduce sugar production in the country.

They estimate Brazil's center-south sugar production in 2020-21 to fall to 32.8 million tonnes from 37.1 million tonnes in the current crop.



       
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