This episode provides a global overview of the sugar market.

• India's sugar production is forecasted to exceed expectations for the 2025–2026 season, with estimates ranging from 31 million to 35.3 million metric tons, an increase of up to 25 percent year over year. This growth is attributed to favorable monsoon conditions and a reduction in sugarcane diversion for ethanol, now down to 3.4 million metric tons. Despite a lowered export cap of 1.5 million metric tons, down from the initially expected 2 million, short-term sugar prices rallied before stabilizing due to broader global supply forecasts. India is also evaluating a potential increase in ethanol procurement prices, though no decision has been finalized.
• In Brazil, sugar production continues to expand. The government agency CONAB raised its forecast to 45 million metric tons for the 2025–2026 crop, reflecting a 16.4 percent year-over-year increase for October. Cumulative production in the center-south region has reached 38.1 million metric tons, applying downward pressure on global prices, which have also responded to currency volatility.
• Thailand's projected sugar output stands at 10.5 million metric tons, a 5 percent increase from the prior year. The country maintains consistent export levels, strengthening its role as a reliable supplier amid global market shifts, including policy changes in India.
• Overall, the global sugar market has transitioned from an anticipated deficit to a surplus, now projected at 1.63 million metric tons. The International Sugar Organization has raised the global production estimate to 181.8 million metric tons, up 3.2 percent from earlier projections. While price volatility persists, particularly in response to India’s domestic policy shifts, the broader market is adjusting to a phase of higher supply and moderated pricing.