EU short-term outlook - sugar production expected to recover
Monday, October 9, 2023
2023/24 EU sugar production is forecast at 15.6 million tonnes (close to the 5-year average) as sugar beet planting area, beet yields, and sugar content are expected to increase. EU production of isoglucose, which was estimated to fall by 24% in 2022/23 due to the consequences of the 2022 summer drought, high feedstock, and input costs in main EU producing countries, is expected to partially recover in 2023/24. Thanks to the production increase, EU availability is higher. Therefore, EU sugar imports are forecast to decline to 1.9 million t in 2023/24 (25% below the estimated post-quota record of 2.5 million t imported in 2022/23). Imports should nevertheless stay above the 5-year average thanks to high EU sugar prices and increased availability of Ukrainian sugar, while EU exports compared to 2022/23 should increase 29% to 0.75 million t. 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. Ending stocks of sugar, which are estimated at 1.4 million t in 2022/23 (-9.6% year-onyear), are expected to be at a similar level also at the end of 2023/24 season.Click here to connect to the source of this storyClick here for more News and Views
As I browse the web researching various topics concerning the EU and UK sugar markets, I've been bookmarking interesting weblinks. Some of these are news clippings, some are links to official documents, and some are interesting data sources.