Global sugar production in 2015-16 is expected to fall by 3 mn tonnes to 172 mn tonnes. Sugar consumption is expected to reach a 173 mn tonnes, reducing end season stock by 4 mn tonnes. Further, the International Sugar Organization (ISO) has raised the world sugar production deficit to 3.53 mn tonnes for 2015-16 from its earlier estimate of ~1 mn tonnes and 6 mt for 2016-17. Brazil, the world's largest sugar producer, is expected to have lower sugar production of ~35 mn tonnes (-9% YoY) on account of El Nino and mandatory ethanol conversion. This, along with fall in global sugar inventory to ~67 days (vs 75 days) is likely to keep international...