Australia, the world’s third-biggest sugar exporter, may increase output 5.6 percent next fiscal year as farmers boost plantings and crops recover from consecutive years of wet weather, according to a government forecaster.
Raw sugar output may total 4.5 million metric tons in the year starting July 1 from 4.3 million tons a year earlier, the Canberra-based Australian Bureau of Agricultural and Resource Economics and Sciences said in a report today. Exports are set to increase to 3.2 million tons from 3 million tons, it said.
Sugar has slumped 27 percent in the past year as prices that climbed to a three-decade high in February 2011 spurred output. Global supply will exceed demand for a fourth year, pushing futures to the lowest level since 2010, Germany-based researcher F.O. Licht GmbH said Feb. 26.
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