Jin10 Data reported on September 17th that the New York raw sugar futures prices have declined due to the expectation of increased supply from Brazil, the world's largest sugar-producing country, and concerns over weak demand from Indonesia. Claudiu Covrig, an analyst at Covrig Analytics, stated that Brazil's raw sugar production in the second half of August could reach 3.95 million tons, higher than the Brazilian Sugarcane Industry Association's estimate for production in the first half of August. He pointed out that this level of production will help increase inventories. It is reported that the Brazilian Sugarcane Industry Association will release official production data on Wednesday. Covrig mentioned that as of September 30th, Brazil's raw sugar stocks may rise from 9.4 million tons at the end of August to 11.6 million tons, and this trend will “continue to put pressure on the market.” However, sugar refineries in the Middle East and Africa have begun to purchase Brazilian raw sugar, indicating that some regions are showing initial signs of demand recovery.
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