Jay Kindred

• No.11 prices have strengthened back above 19c. 
• The raw sugar net spec position has grown slightly since the last update. 
• The white premium has widened further as No.5 prices climb higher.  

• Maharashtra’s whites price has dropped by over 1,000 INR to 31,150 INR/mt since the start of the week. 
• This has helped raw sugar export parity fall below 18 c/lb, increasing the margin over domestic sales. 
• Equally, white sugar exports pay over 90 USD/mt more than domestic sales.  

• Europe’s warmer winter could be bad news for beet growers. 
• Aphids, which carry Beet Yellows Virus, thrive in warmer conditions. 
• Neonicotinoid treatments are banned, leaving crops more exposed to outbreaks.  

 · The No.11 has fallen just below 19c. 

· Raw sugar speculators closed many of their long positions opened in the previous week. 

· The white premium has widened further as the No.5 maintains its strength.  

• We think the world will produce 176.1mmt of sugar this season, down 1.7mmt from our last update. 
• This fall comes despite India’s larger cane crop and record pace of sugar production. 
• The deficit should narrow next season, with Indian and Thai cane crops set to climb on strong returns.  

• Raws exports pay slightly better than domestic sales, with the No.11 above the 18.4c/lb parity point.
• Whites exports remain workable with the No.5 >50 USD/mt above the 466 USD/mt export parity point.
• Maharashtra’s domestic price has moved sideways over the last few weeks.