Rabobank in its third quarter sugar report estimates the global sugar surplus for 2013/14 at 5.4 million tonnes.
The surplus is not only the fourth consecutive surplus but also with rising stocks and an increasing stocks to consumption ratio.
Bad weather in Brazil could lead to a downward revision of Center South production and a possible increase in prices. Heavy rainfall in Russia could have a similar impact on the beet crop and also see a lift in prices.
Otherwise and in the absence of new information prices are expected to see upward resistance.