Analyst Insights

• The No.11 futures have stayed well below 13c/lb; the raws export parity should stay in negative territory for some time.
• The No.5 futures have lifted this week, allowing Indian whites exports to just make it across the positive range. 
• The strengthening USD/INR FX has reduced the attractiveness of exports. 

• Orange demand has shot up during the coronavirus pandemic.
• This is due to the fact people believe Vitamin C can help fight the virus.
• Overall production will be down this year, however, but the EU expects a 6-9% increase. 

• The coronavirus’ impact on sugar consumption is starting to show, as countries around the world are reducing their imports.
• The Philippines’ consumption has fallen by 120kmt due to the coronavirus, meaning their need to import in H2’20 has reduced.
• This is around a 5% drop; we forecast a similar consumption drop in other countries.

Daily Market Price Update and Commentary 22nd July 2020

• The Czapp News Feed gives you access to all the relevant news for sugar, ethanol, grains, and dairy.
• It’s free to use in the Interactive Data section.
• Here are some stories it has just picked up online that you don’t want to miss…

• In order to understand the major trade flows and how it all fits together, we need to look at who produces what and where they are, together with who uses what and where they are.
• On Monday, we looked at the world’s largest wheat producers and exporters.
• So, it now makes sense to look at who is on the receiving end; the users and importers.

• Weather is negatively impacting cane development, especially in the 2H of the season.
• However, the same dry spell is increasing sugar concentration in the plant.
• The result is ATR offsetting a reduction in ag. yields and CS Brazil at a record sugar output – 36.8mmt.

• India’s 2020 guava crop is well underway.
• The crop season will run until September.
• So far, the crop is progressing well and as expected.

Daily Market Price Update and Commentary 21st July 2020

CS Brazil – Sugar or Ethanol? 21st July 2020

• The mango supply is very tight; India’s Alphonso crop has sold out and Totapuri puree and concentrate will be completely sold out by September.
• Colombia’s summer harvest will only achieve 60% of its projected volume, but this too is already sold.
• There’s hope that Mexico’s forthcoming crop will relieve the global short supply.

Daily Market Price Update and Commentary 20th July 2020