The European Commission raised its estimate of white sugar production in the current 2023/24 season to 15.6 million metric tons from 15.5 million projected late September, and now 7.0% above last year’s output.
The rise from last year is due to a combined result of an increase in sugar beet plantings, higher yields and a potential rise in sugar content, it said in its short-term outlook for agricultural markets in 2023 and 2024 released on Monday.
The Commission also raised its forecast for EU sugar exports this season to 750,000 from 700,000 tons, up nearly 40% from last season.
It kept its imports forecast unchanged at 1.9 million tons, down more than 20% on 2022-23, but above the 5-year average due to high EU sugar prices and increased availability of Ukrainian sugar.
Ending stocks this season are expected to remain at the low level of 1.4 million tons reached in 2022-23, which was nearly 10% below 2021-22, the Commission said.
“Total EU consumption of sugar in 2023/24 is expected to remain resilient to high prices and relatively stable compared to 2022/23. It should continue to be supported by strong EU exports of sugar in processed products, while industrial use of sugar is due to partly recover,” it said.
EU isoglucose production, made from wheat and maize starch, was forecast to increase by around 5% in 2023/24, after falling some 24% to 440,000 tons in 2022/23 due to a summer drought, high feed and input costs in key producing countries.
Source: TOI
