Recent market reports suggest that India expects to have enough sugar to export next season, as favourable weather conditions increase the harvest area.
In January, India, which is the world’s second-biggest producer of sugar, permitted mills to export up to 1 million tonnes of sugar this season from October, easing restrictions that had limited overseas sales for more than a year. However, the industry has requested approval for 2 million tonnes of exports.
In the latest report, the Rosario Board of Trade revised down Argentina’s corn production estimates to 46mt for the 2024/25 season, lower than the 48mt estimated in January. The downward revision in the estimates was mostly due to drought and extreme heat, which could impact the yields. Similarly, soybean production estimates stood at 47.5mt for the above-mentioned period, below an estimated potential of 53mt.
Recent estimates from the Brazilian Association of Vegetable Oil Industries (ABIOVE) show that soybean crushing in the nation could rise marginally to 57.5mt in 2025 on account of higher biodiesel production, up 0.7% YoY from crushing projections of 55.4mt in 2024. Meanwhile, the board left the soybean production and export estimates unchanged at 171.7mt and 106.1mt for 2025.
France’s Agriculture Ministry estimated French soft wheat exports for the 2024/25 season at 9.74mt, slightly higher than the previous month’s estimate of 9.735mt. Soft wheat inventories decreased to 2.81mt compared to earlier projections of 2.89mt, due to a slight increase in export estimates. As for corn, inventory estimates were revised lower from 2.79mt to 2.76mt, while corn export estimates fell to 4.57mt from 4.62mt projected previously.