Indian sugar output will plunge to 16.8 million tons, contributing to a decline in global inventories this year of 11 percent from last year, according to a new report by the U.S. Department of Agriculture.
Mills will process about 148.7 million metric tons by September compared to the previous forecast of 158.8.
The news caused a slight spike in sugar futures in India, the second largest supplier behind Brazil, but spot demand remains low. CEO of Cosan SA Industria e Comercio, one of the world's largest cane producers, predicts prices could rise as much as 20% by the end of the year.
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