07 August 1998
Global sugar surplus to rise to 2.24m tonnes
THE global sugar surplus is expected to rise to 2.24 million tonnes in 1998-99, surpassing the 1.7m tonnes recorded in 1997-98.
Czarnikow, the analyst, has revised upwards expected global production figures.
Its report states that the anxiety over the possible effects on sugar production of the recent El Niño weather pattern proved to be groundless.
Czarnikow says an important influence on the market has been the “huge gain in production in China”. South Africa is also tipped to harvest a record crop even though parts of the country suffered from El Niño.
Financial Times 07/08/98 page 26 (News Digest)