Giant sugar glut to erase two years of shortages

London

FORGET the sugar shortages of the past two years. This season's glut is now forecast to be big enough to completely erase that.

Aided by favourable Asian rains, global supply will beat demand by 10.4 million metric tons in 2017-18, 26 per cent more than the combined deficits in the past two seasons, said researcher Green Pool Commodity Specialists.

The glut is forecast to be the biggest in five years and tops the October estimate of 9.8 million tons.

The Brisbane, Australia-based researcher said in an emailed report: "This year's production response has undoubtedly been helped by a very good Asian monsoon, the results of which are only just beginning to emerge. There hasn't been a global…