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The bank, in a quarterly report, said the deficit was driven partly by projected declines in output in India, Thailand and the European Union.
Sugar production in Brazil was, however, expected to rise to between 28.0 and 29.0 million tonnes, from 26.5 million for 2018/19.
Global consumption growth was projected at 1.4 percent in 2019/20.
Raw sugar prices were seen staying between 11.5 cents and 14.0 cents per lb in coming months.
"Below 11.5 cents per lb Indian exports are likely to slow or stop; above 14.0 cents per lb there is likely to be plenty of additional supply from Brazil," the bank said.