Indian exports add to global sugar glut
Agiant sugar crop from India this year will more than compensate for the lowest output in a decade from central Brazil, millers and traders said, putting the market on course for two years of record global oversupply. The worldwide sugar glut has made sugar the worst performing commodity of the year. Raw sugar futures are down nearly 25 per cent to date in 2018, and have fallen below production costs for many of the world’s millers and processors. Prices are near their lowest levels since 2015. India has outperformed market expectations in the 2017-2018 crop year, and next year may see the world’s second-largest producer grow a record sugar crop.