• French beet planting has ended; rea is a little lower than we had expected, at 454k ha. 
• We expect sugar production to be similar to last year’s 5.1m tonnes, as yields should be better if weather is normal. 
• However, the ban on neonicotinoid insecticide could have an adverse impact on yields this year. 

== 

• 454k ha French beets have been planted this year, down 6.3% year-on-year.  
• We had been expecting a 5% decline in beet area this year owing to low beet prices being offered to farmers due to low sugar prices in Europe and the world market. 
• However, we expect French sugar production to be similar to last year’s 5.1m tonnes, because last year’s yields were affected by hot dry weather. 
• This season is the first where neonicotinoids will be banned; this increases the risk that yields will underperform this season even if the weather is normal. 
• It’s also worth monitoring the weather for the coming weeks; cold or dry weather could slow germination, which could also lead to lower yields. 

French Beet Area 

• Last year France produced 28% of the total EU sugar and was the biggest single producer. 
• Other EU countries are still in the process of planting but the latest indications point to a reduction in acreage of 5-10% across the major sugar producing countries. 
• This supports our view that stocks in the EU will continue to remain tight through the 19/20 season.