Consecutive sugar deficits set stage for price surge in 2009
Nominal sugar prices remain variable and average higher than the last decade
World prices to trend lower in real terms
The global stocks-to-use ratio to rise in near term and then decline
The non-OECD countries are the leading sugar producers and consumers
Sugar exports remain highly concentrated and dominated by Brazil
Imports are more diversified and lead by India, EU and US
Larger sugarcane production accounts for most of the higher sugar output
Both sugar and ethanol production to increase in Brazil
EU sugar reforms lead to lower quota production, fixed exports and rising imports
Rising sugar consumption in Brazil feed by import from Mexico
Russian sugar production to expand and displace imports
India's production cycle influences world sugar prices