- White sugar prices continued to decline over the last two weeks and now sit at $352/mt.
- The white sugar market will remain oversupplied as India has produced too much sugar and will need a 6-7m tonne subsidy to export.
- This is larger than any quota we’ve seen previously and has been negatively received by the market.
- However, the outlook for the Thai cane crop is still bleak; Thailand’s refined and white sugar output will be 50% smaller this year.
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