Bloomberg reported if Thailand produces that much sugar, the nation will surpass the 6.93 million tons it generated last year, according to the country's office of Cane & Sugar Board. The Board estimated last week that production will reach 9.11 million tons, which would be an all-time high. Harvesting typically ends in April.
"They have already crushed 89 million tons and most of the mills are still running," according to an email from Pierre-Henri Dietz, an analyst at Sucres et Denrees. "They are able to crush 400,000 tons per day, so 95 million tons is more than achievable."
At 2 p.m. on Tuesday, sugar futures slipped 0.68 percent, a 0.0016 decline to 0.2324 cents per pound.
With tightened supplies from Brazil, which is the globe's largest producer of the sweetener, output of sugar from Thailand might be delivered when the May contract for raw sugar expires on April 29.
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