OIA provides global sugar surplus less before fall of production

The international sugar Organization (OIA) significantly reduced the forecast of a global surplus of sugar in 2018/19 crop, cutting production prospects for Brazil, India, Pakistan and the European Union. The intergovernmental organ, in a quarterly report, predicted a global surplus of 2,170,000 tonnes in 2018/19 (October to September), below a previous projection of August indicated a surplus of 6,750,000 tons. The OIA also reduced your estimate for the size of the surplus in 2017/18, to 7,280,000 tons, 8.6 million. "Overall surplus accumulated two seasons was reduced by impressive 5,892,000 tons," said OIA, noting that global production should not expand. Global production in 2018/19 was estimated at 180,490,000 tons, down from the previous forecast of 185,220,000, and now under 182.7 million last season. The OIA said the production forecasts were revised down to Brazil (2.2 million tons), India (2 million tons), EU (least 750,000 tons) and Pakistan (under 400,000 tonnes).