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World sugar output set to exceed demand for fifth year

Stockpiles are hitting record levels; global sugar prices look to fall further, benefiting doughnut and chocolate makers

In Brazil, which supplies one-fifth of the world's sugar, the incentive for cane farmers to sell more overseas has increased in the past few months, as budget deficits and a stalled economy sent the real plunging to the lowest in almost 11 years against the dollar.

New York

THE world has never been so awash in sugar.

Just as cane harvests expand in India and Thailand, farmers in Brazil, the world's largest producer, are ramping up exports to take advantage of a tumble in the exchange rate that has swelled their profit margins. And crops that...

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