Global Sugar Balance Outlook — Q2 202666

Executive Summary66

Global sugar markets remain supported by disciplined export flows and firm destination demand across MENA and Asia.

For institutional buyers, procurement timing continues to matter more than spot-price volatility. Forward visibility on vessel allocation, quality tolerances, and counterparty readiness can materially improve execution outcomes.

Key Market Signals

• Export programs in key origins remain active but tightly scheduled.
• Refinery demand in destination markets is stable, with intermittent restocking cycles.
• Freight remains a meaningful component of total landed cost.

Institutional Implications

AFGT continues to observe stronger outcomes where buyers combine volume planning with pre-aligned logistical terms. The practical priority is execution certainty rather than nominal spot advantage.

Outlook

Near-term market structure suggests selective procurement windows rather than broad-based easing. Institutional participants should retain optionality across origin mix and delivery windows.