'Pimpattra' ordered the Office of the Cane and Sugar Board (OCSB) to monitor the situation of world sugar prices, revealing that in the first half of 2024, world sugar prices shrank by 16.67% from the previous year due to a large amount of world sugar stockpiling. It is predicted that world sugar prices in the second half of 2024 will not exceed 21 cents per pound due to pressure from accumulated sugar stockpiling, which may result in domestic sugarcane prices averaging 1,200 baht/ton. Ms. Pimpattra Wichakul, Minister of Industry, revealed that she has instructed the Office of the Cane and Sugar Board (OCSB) to closely monitor the global sugar price situation, concerned that it may affect domestic sugarcane prices in the 2024/25 production season. In the first half of 2024, the global sugar price averaged 20 cents per pound, down 16.67% from 2023, when the price was 24 cents per pound, due to a large amount of sugar stock in the global market. Brazil, the world's largest sugar producer, has increased its sug ar production and increased its sugar production proportion. In addition, in the 2023/24 production season, Thailand produced 8.81 million tons of sugar, up 12.80% from the projected 7.81 million tons. For the second half of 2024, the global sugar price trend is expected to be no more than 21 cents per pound, due to Brazil being able to produce more sugar. If India changes its policy to allow normal sugar exports, it will result in an increase in the accumulated sugar stock in the global market. Thailand expects to produce 92 million tons of sugarcane in the 2024/25 production season, an increase of 11.96% compared to last year's production season, which produced 82.17 million tons of sugarcane. Mr. Wirit Wisessin, Secretary-General of the Cane and Sugar Board (OCSB), said that initially, the OCSB used figures to calculate domestic sugarcane prices for the 2024/25 production season. If the world sugar price remains at 21 cents per pound, the average sugarcane price will be 1,200 baht per ton of sugarcane, a decrease of 15.49% compared to the previous production season, which saw a record high sugarcane price of 1,420 baht per ton of sugarcane. However, other factors are involved in calculating domestic sugarcane prices. In the 2024/25 production season, the OCSB will have guidelines to improve production efficiency so that sugarcane farmers have good yields and factories can get quality sugar, which will help push domestic sugarcane prices higher in the future, in line with the policy of the Minister of Industry, which is to increase income for sugarcane farmers, which will increase purchasing power and stimulate the country's economy in another way. Source: Thai News Agency