Brief Market Overview: Whites Price Rises as We Await Indian Subsidy

  • We said the whites market would tighten if the Indian government took any longer to award the export subsidy; this is exactly what’s happened.
  • India’s government met, failed to discuss both sugar and ethanol, and the white sugar price climbed up towards $379/mt.
  • This upward trend could continue for as long as the Indian government takes to reach a decision.
  • However, COVID-induced travel restrictions could soon slow cane cutting and potential container shortages at Indian ports could be bullish for the world market if they transpire.
  • If they don’t, India could dominate the world’s white and refined sugar supply.
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