"We forecast the global market in an 8.5 million tonne surplus in both 2020/21 and in 2021/22. In 2021/22, production will recover in the EU, Thailand and Russia among others," said Fitch Solutions.
May raw sugar fell by 0.12 cents, or 0.8%, to 15.07 cents per lb.
"The funds, who started the year in a very ebullient mood (on sugar), seem to be throwing in the towel as prices fall through key support levels," analyst Green Pool said in a weekly market update.