London: International Sugar Organization senior economist Sergey Gudoshnikov said on Wednesday that he expects the world sugar surplus in 2006-’07 to be about 8 million tonnes (mt).
Gudoshnikov told a conference organised by Agra Europe that improved crop prospects in India had prompted him to revise his outlook. Last month the ISO forecast a surplus of 7.2mt. “The surplus will be around 8mt rather than the 7mt we forecast in February,” he said.
Last month sugar merchant Czarnikow forecast a 2006-’07 world sugar surplus of 5.9 mt. “The fundamentals are bearish,” Gudoshnikov said.