Raw sugar extends gains as Brazil fires deepen global deficit

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Raw sugar extends gains as Brazil fires deepen global deficit - Business Mirror

Quick Summary:

Raw sugar futures extended last week’s gains as analysts raise deficit forecasts after fires in Brazil.

Fires in Brazil that impacted cane crops amid the country’s worst drought in four decades put the world on track for a larger-than-expected shortfall.

Global sugar production could now fall short of consumption by 600,000 tons in the 2024/25 season—double an August forecast, said Claudiu Covrig, lead analyst at Covrig Analytics.