Sergey Gudoshnikov News
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Indian farmers may reap at least 6 percent more sugar than forecast by the government and industry, extending the longest global glut in more than a decade and a bear market that began in September.
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Global sugar inventories may take two years to be rebuilt after demand outpaced supplies in the past two seasons, the International Sugar Organization said.
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Sugar output in India, the world’s second-biggest producer, may drop short of government and industry estimates as wet conditions curbed cane yields amid the country’s heaviest June monsoon rainfall in three years.
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Sugar prices declined the most in more than a week on speculation that rising output in India, the world’s second-largest producer, will ease global supply constraints. Cocoa also retreated.
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Sugar prices climbed to a one-week high on speculation that crop damage from floods in Pakistan will spur demand for imports.
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Sugar prices may drop at least 13 percent by early next year as an increase in supplies from Europe and Asia counter a drop in production in Brazil, according to broker and researcher Kingsman SA.
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World sugar prices may range between 23 cents and 28 cents a pound as China, the second-biggest user, and Indonesia increase imports, draining a global surplus of 4 million metric tons, the International Sugar Organization said.
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Sugar futures may rise on concerns about tight supplies from Brazil and other Latin American countries, a survey showed.
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Raw sugar may rebound as the biggest slump in 22 years attracts buyers amid signs that global demand for the commodity exceeds supply, according to Simbhaoli Sugars Ltd. and other Indian producers.
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Pakistan’s deadliest floods in its history damaged more than a million acres of sugar cane, cotton and rice fields and caused 250 billion rupees ($2.9 billion) of agricultural losses, a farmers’ group said.
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