Sugar bears come out to play as India, Thailand post record harvests

There’s about to be enough sugar piled up in warehouses to make three chocolate cakes for every person in the world, and that’s got the market spooked.

Supplies are booming thanks to the outlook for record harvests in India and Thailand, the world’s No. 2 exporter. The glut has already sent futures in New York to the lowest since September 2015, and hedge funds are gearing up for more losses. The investors are holding the biggest net-short position, or bets on declining prices, in six weeks.

Citigroup Inc. expects a global surplus of 11.1 million metric tons this season, Aakash Doshi, a