In the basement kitchen of the Churchill War Rooms in London, Maree Harrison and her chefs bake hundreds of flapjacks a month for catered events using the same Golden Syrup favored by Queen Elizabeth. Soon, they may need to change the recipe.
Record global sugar inventories are forcing Brazilian exporters to offer discounts on raw-sweetener supplies, helping to bolster profit margins for processors as they increase output of the refined commodity.
Persistent dryness in Brazil’s center south, the main sugar-growing region of the biggest producer, will delay this year’s harvest as producers leave cane in the fields longer to grow, according to Copersucar SA.
Sugar imports into China, the world’s second-biggest buyer of the raw variety, will probably beat traders forecasts for a second year in the 2013-14 season, according to trading company RCMA Commodities Asia Pte.
The global sugar surplus for the 2012-13 season started Oct. 1 will be 38 percent bigger than estimated in November partly because of more supplies from top grower Brazil, the International Sugar Organization said.