The Hindu Business Line : Global sugar may firm up on lower output

LOWER opening stocks, lower production, some recovery in consumption and lowest ending stocks in recent years are all expected to combine during 2003-04 to pull the international sugar market out of depressed conditions of last three years.

Data published by the US Department of Agriculture suggest global production in 2003-04 will be down 4.5 mt.

World sugar exports for the year are placed at 42.6 mt, down four mt from previous year, while ending stocks are estimated at 27 mt for 2003-04, down five mt

World's leading sugar exporter Brazil is expected to face a decline of 1.4 mt in production to 22.4 mt, and about two mt lower exports at 12.4 mt USDA has placed the country's sugar production (including khandsari sugar) in 2003-04 at 18.8 mt (20.1 mt).

Together with an opening stock of 9.3 mt (11.7 mt), total supply for the year is placed at 28.1 mt (31.8 mt).

Domestic consumption will continue to rise. For 2003-04 it is estimated at 21.5 mt (20.7 mt), leaving a closing stock of 5.6 mt, the lowest in the last five years. USDA has projected sugar exports from the country at one million tonne.

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