Counting on next season’s return to surplus to buy your sugar cheap? You may want to hedge your bets. While most analysts forecast supplies will exceed demand in the 2017-18 season that starts in October for most countries, stockpiles will remain at historically low levels, “affording little latitude for under-performance in the major sugar producing countries,” according to Sean Diffley, head of sugar and ethanol at Tropical Research Services, which advises hedge funds.