February 10, 2020 / 6:59 AM / 16 days ago

COFCO executive does not see recovery in Thailand sugar crop soon

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)

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