Sugar Surplus to Narrow as Weather ‘Plays Havoc’
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The sugar market may have a smaller surplus than earlier forecast because of crop damage in nations including Russia and Pakistan, and dry weather in Brazil, the top producer, according to Kingsman SA.
Global production may exceed demand by 3.52 million metric tons in the year ending March, compared with 5.17 million tons predicted in June. Output may be 167.72 million tons, less than a previous estimate of 170.17 million tons, the company said.