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sugar stocks should rise significantly from their current low levels, with analysts forecasting a global sugar surplus of around 9.5m tonnes in the 2011/12 (october-september) crop year, on the back of increased production in europe and asia. in its ‘sugar quarterly - q3 2011’ newsletter, which was published this week, rabobank international said that “with current crop expectations and normal weather conditions over the coming year, the market should see global stocks gradually accumulating as the new northern hemisphere beet and cane crops are harvested and processed.

as world governments met today in ethiopia for an international pledging conference aimed at winning more aid for the horn of africa, fao has warned that efforts to keep farmers and pastoralists on their feet, prevent the crisis from worsening and speed progress toward recovery are not being adequately funded.two emergency meetings organized by fao in rome on 25 july and 18 august helped set the stage for today’s african union pledging conference, raising international awareness of the importance of not only providing food assistance but also supporting food producers and getting food production in the horn back up and running as soon as possible.

spirits giant diageo posted a 17 per cent rise in annual revenue, fuelled by strong growth in emerging markets such as latin america, africa and asia. the firm said it is continuing to invest in such markets, expecting them to contribute up to 50 per cent of net sales by 2015. diageo has recently spread its footprint in developing regions through investments totalling £1.6bn.

a modest weakening in dairy prices is expected, forecast glanbia, as the company posted a profit jump in its half year results. the irish dairy and nutritional firm said the upward trend in world dairy prices appeared to have peaked. “however, present indications are that there should be no very significant price adjustments in the near-term. as a result, global dairy markets are forecast to be relatively positive for the remainder of the year,” said glanbia.

at least five cheese plants in switzerland have closed since the beginning of 2011 due to reduced export sales, according to the national dairy association swiss milk producers (smp). the main reason for this is the strong swiss franc, which is hiking up the price of many of the country’s products. although overall cheese exports for the first six months of this year decreased by only 2.

a modest weakening in dairy prices is expected, forecast glanbia, as the company posted a profit jump in its half year results. the irish dairy and nutritional firm said the upward trend in world dairy prices appeared to have peaked. “however, present indications are that there should be no very significant price adjustments in the near-term. as a result, global dairy markets are forecast to be relatively positive for the remainder of the year,” said glanbia.

the australian food and grocery council (afgc) is urging the federal government to act quickly to keep australia’s food manufacturing industry alive. the afgc has called on the australian government to “remove unnecessary regulation and duplication, such as food labelling changes, and reduce costs of doing business”. the afgc also says it is “critical” that australian government fast-tracks its national food plan.

fosters intends to return at least a$500m to its shareholders, as the company tries to fend off the hostile offer sabmiller (sab) made last week. the australian brewer plans to make the return, despite posting an a$89m annual profit drop in its 2011 full year results. “it is probably one of the few options that they have, so it’s not unexpected that they’re doing that,” said theo maas, in reuters.

volatile cocoa prices and supply issues have prompted tate & lyle to launch a range of carob powder ingredients which can reduce costs by replacing up to 40 per cent of the cocoa component in dairy, bakery and ice cream recipes. “our goal is to help our customers face the challenges the markets throw at them. in light of volatile cocoa pricing and supply issues, many of our customers are looking for solutions which reduce the cocoa content of their products as a means of controlling recipe costs, while maintaining the same properties and quality of the full cocoa product,” kerstin werner, head of business development at tate & lyle food systems, told bakeryandsnacks.

australian-based global winemaking and distribution business treasury wine estates limited, formerly owned by australian brewer foster’s group limited, today announced first year profits of a$64.4 million. in its first full year report since demerging from foster’s in may 2010, treasury wine estates reports earnings that have continued to grow for the third consecutive half. david dearie, chief executive officer of twe said, “this is a solid result, our first since we became a standalone company in may.