Global Sugar Shortage Outlook Raised by Green Pool on El Nino
- Researcher increases estimate for 2016-17 deficit by 19%
- Dry weather hitting cane crops in India, Thailand, China
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A global shortage of sugar will be larger than previously expected in the next season as El Nino-induced droughts hurt crops in Asia, Green Pool Commodity Specialists said.
World consumption will exceed production by 4.95 million metric tons of raw sugar in the 2016-17 season, the Brisbane, Australia-based researcher said in an e-mailed report on Wednesday. That’s 19 percent more than its January forecast. The world is heading for a second straight annual deficit, following half a decade of surpluses.