DUBAI, Feb 10 (Reuters) - Chinese commodities trader COFCO said on Monday it did not predict a recovery to Thailand’s sugar crop any time soon.
COFCO’s Managing Director Softs Marcelo de Andrade made his comments during a panel discussion at an industry conference in Dubai.
Thailand’s sugar production in the 2019/20 crop year is likely to fall 28% from a year earlier to a nine-year low of 10.5 million tonnes, as drought curtails cane supplies.
The lower production is expected to limit exports from the world’s second-biggest exporter and support global prices. (Reporting By Maha El Dahan; Editing by Christian Schmollinger)