International sugar production for 2013 to 2014 is forecast at a record 175 million metric tons, with gains in Brazil and Thailand offsetting lower production in India, according to the U.S. Department of Agriculture’s Foreign Agricultural Service.
Raw sugar prices are at the lowest levels in nearly three years, and they are expected to stimulate consumption and trade. Globally, exports are forecast to be 4 percent higher at 59 million metric tons.
U.S. production is expected to drop 392,000 tons year-over-year to 7.8 million tons, down 392,000 from the previous year, but imports are projected to rise nearly 500,000 tons. Mexico is forecast to remain the top supplier for the U.S., despite a decline in its production and exports attributable to lower yields.