• Another week of good pace in nominations;
• Latest line up data shows that 355kmt were added to CS nominations;
• In NNE, 27kmt of raws were nominated;

CS Brazil Monthly Exports

• Although the official recap of November has not been disclosed, we reckon that 1.33mmt of raws were exported in CS;
• This is the lowest volume since the 2010/11 crop;
• The issue is not availability, but rather a lack of demand;

• December nominations now stands at 650kmt;
• Given the current pace of offtake seen in the season, it is difficult to see a higher volume being exported than the one registered in November;

• After a peak of exports in November, nominations in the region have cooled down;
• December line up stands at 27kmt so far;

Destinations 

• This week, 150kmt were nominated to Saudi Arabia – 40% of the nominations this week;
• So far, in Q4 the offtake has reached 448kmt – more than 2 times the offtake seen last year over the same period;
• For the main importer of Brazilian sugar so far this quarter, Algeria, further 90kmt we nominated this week – total offtake in Q4 stands at 570kmt

Summary Table