USDA raises Russian sugar production forecast this season to 6.6 mln tonnes

MOSCOW. Nov 23 (Interfax) - In its November review, the US Department of Agriculture increased its estimate of sugar production in Russia this season (August 2023 - July 2024) to 6.6 million tonnes from the 6.336 million tonnes predicted in the previous review published in May.

In the 2022/2023 agricultural season, production totaled 6.1 million tonnes, the USDA said.

The forecast for sugar consumption in Russia was reduced to 6.235 million tonnes from 6.45 million tonnes in the May estimate. Last season, consumption was 5.828 million tonnes.

The analysts predict that sugar exports from Russia this season will reach 551,000 tonnes. This has not changed from the May estimate. Last season, Russia exported 524,000 tonnes of sugar, the analytical material shows.

The US Department of Agriculture lowered its world sugar production forecast to 183.461 million tonnes from 187.881 million tonnes in the May estimate. Nevertheless, this is more than the 175.307 million tonnes produced in the last agricultural year. The estimate of world sugar consumption was reduced from 180.045 million tonnes in May to 178.431 million tonnes in November. Last season, consumption was estimated at 176.38 million tonnes.