2006 sugar output to be more than forecast - ISO
World sugar production will be higher than forecast this year, erasing a third straight annual deficit, as favourable weather in India bolsters harvests, the International Sugar Organisation said.
Global output will be 150.6 million metric tons in the 12 months through Sept. 30, up from a May estimate of 149.2 million tons and exceeding demand of 149.7 million tons, the government-sponsored ISO said today in a monthly report sent by e-mail.
“India's crop benefited from good monsoons,'' said Sergei Gudoshnikov, a senior economist at the London-based ISO, said in a phone interview today.
A shortfall in sugar supplies in the past two years has helped stoke prices for the sweetener.
Sugar has gained 52 percent in London in the past 12 months. Production in India, the world's second-biggest grower, will be 19.4 million tons, the ISO said, up from a May estimate of about 19 million tons.
Sugar may keep rallying as dry weather damages the cane crop in Brazil, the world's biggest grower, Gudoshnikov said. Growers will be able to give a better assessment of damage when the crushing season ends in November or December, he said.
Processing increased 12 percent in the center-south part of Brazil through July 16, the Center-South Sugar and Ethanol Industry Association said yesterday. The center-south accounts for about 85 percent of Brazil's sugar output.
Sugar futures for October delivery rose $4.10, or 1 percent, to $430 a ton at 11:50 a.m. on London's Euronext.liffe exchange today.
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