| From Thehindubusinessline.com: The global sugar deficit in 2008-09 may be smaller than the earlier forecast of 3.90 million tonnes as sliding crude oil prices may encourage many Brazilian mills to produce sugar than diverting the crop for ethanol. Weakening Brazilian real will also increase exporters’ realisation.
According to the International Sugar Organisation (ISO) forecast, the global sugar production may fall by 7.4 mt to 161.6 mt in 2008-09. Brazil has a sophisticated technology to switch over production between ethanol and sugar according to the demand..... Full Article: Source
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