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Sugar shortage coming
19 Aug 2008
There will be a global deficit of 3.3 million tonnes of sugar in 2008/09, after a 9.4 million surplus in 2007/08 says merchant Czarnikow. Raw sugar prices have already risen 23 per cent this year. Raw sugar futures stood at 13.38 US cents a pound yesterday, up from 10.82 cents a pound at the end of 2007. Czarnikow forecast global sugar output would fall by 8 million tonnes to 164.1 million in 2008/09, largely due to a drop in India, the world''s number two grower after Brazil. Underlining stronger demand, the merchant projected global sugar consumption would rise to 166.4 million tonnes in 2009 from 161.6 million in 2008 and 155.2 million in 2007.
Business Spectator, 19/08/2008
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