Sugar market heading to large surplus

NEW YORK, May 11 (Reuters): The global sugar market will see a relatively large surplus of 4.1 million tonnes in the new season starting in October as a 5 per cent output growth in Asia will more than compensate a small rise in demand seen at 1.1 per cent , broker and analyst StoneX said on Tuesday.

The larger Asian production, along with expectations of a better crop in Brazil, will likely drive prices lower toward the end of 2022 and in the first quarter of 2023, StoneX said in a presentation in New York which this week hosts a series of seminars and social interactions among sugar market players.