London, Jan. 10 - Early indications suggest global sugar production and consumption will be at a balance or even a small deficit in the 2008-09 season (October-September), the International Sugar Organization said in its monthly report released Thursday.
The deficit would likely be less than 1 million metric tons, ISO said.
ISO will release its second revision to its 2007-08 balance sheet in the second half of February, but currently doesn't anticipate any significant changes.
In November ISO forecast a 2007-08 surplus of a record 11.1 million tons.
"The world sugar economy is facing the second season of record global surplus with an extremely high level of stocks," ISO said on the 2007-08 season.