NZX:AIA News 6 January 2026

January 26, 2026, 2:49 AM EST. Sugar prices fell on March contracts as rising global production pressures markets. Brazil's 2025-26 Center-South output rose 0.9% year-on-year to 40.222 million metric tons (MMT), according to Unica. India's sugar output surged 22% to 15.9 MMT through mid-January, with the India Sugar Mill Association (ISMA) raising annual production forecasts to 31 MMT. India may increase exports after cutting sugar-for-ethanol estimates, easing domestic surpluses. The International Sugar Organization (ISO) forecasted a 1.625 MMT surplus for 2025-26, up from a 2.916 MMT deficit last year, driven by higher crops in India, Thailand, and Pakistan. Analysts expect a global sugar surplus of 4.7 MMT this season, weighing on prices, while Brazil's 2026-27 output is projected to decline, potentially tightening supply later.