By Abhishek Subrahmanya: Subscribe to Abhishek's RSS feed
July 15, 2010 2:53 PM EDT
Thailand and Indonesia expect sugar output this year to drop by 20 percent and 4 percent, respectively, on bad weather conditions.
Thailand, the world's second largest sugar exports after Brazil, expects to produce as low as 6 million tonnes in the 2010-11 crop season because of a severe drought, according to an official of the country's sugar board.
On the other hand, the white sugar production in Indonesia this year may fall by nearly 4 percent to 2.6 million tonnes, lower than its earlier forecast of 2.7 million tonnes, according to the Chairman of Indonesian Sugar Association (AGI).
It is expected that Indonesia, the world's fourth most populous country, might import more than 2 million tonnes of sugar in 2010-11. The country had imported 1.67 million tons of raw sugar and 379,000 tons of refined sugar in the 2009 crop year.
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Meanwhile, Rangsit Hiangrat, director of the Office of Cane and Sugar Board, told Reuters, "We have rains now but they didn't come at the right time for the cane." The figure is expected to be down from 6.9 million tonnes recorded in the 2009-10 season.
However, the raw sugar futures in New York ended lower on Wednesday in quiet dealings on sentiment that the current tight supply situation will ease later in the year due to the ongoing Brazilian record crop and the approaching northern hemisphere harvests.
The most-active October contract ended 20 points down at 16.97 cents/lb, moving between 16.82 and 17.20 cents. March shed 23 points to 17.45 cents/lb, while the rest of the board finished 10 to 16 points lower.
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