FOi's daily roundup of news in brief, 25 March 2010

Czarnikow revises sugar forecast as prices collapseSugar merchant Czarnikow has revised its 2010 forecast for global sugar prices heavily downwards following a price collapse of nearly 50% since early February. The firm said last month it expected a deficit between consumption and production because of supply side issues in major producer nations. After reaching a high of nearly 30¢/lb in early February, sugar prices have crashed as low as 17¢/lb in recent trading, the largest fall in prices since the 1980s. The firm now says it now expects a global surplus during the 2010/11 growing season.“In the short term we have to expect to see volatility remain high, and though the market should retrace some of its losses, we cannot yet identify a catalyst to signal a change in direction given the...