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ISO raises forecast for 2012/13 global sugar surplus

The International Sugar Organization on Thursday raised its forecast for a projected global sugar surplus in 2012/13 to 6.18 million tonnes, raw value, and said prices could remain under bearish pressure until the end of the current crop cycle.

The ISO, in a quarterly report, said its latest assessment reinforced its initial view that the period of low stocks which began in 2008/09 and lasted four seasons is likely to be over.

World sugar production was forecast to climb 1.4 percent in 2012/13 to a record 177.56 million tonnes with consumption up 2.0 percent at 171.38 million.

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