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Sugar Futures and Market Data: 7th March 2022
- The No.11 and No.5 rallied sharply at the end of last week.
- The white premium is now above 105 USD/mt.
- The specs reduced their exposure to the No.11 at the start of March.
2 years ago
1 min read
Can India Export Sugar Today? 3rd March 2022
- The No.11 is below the 18.8 c/lb export parity point, but we’ve recently seen mills contract at this level.
- A strengthening No.5 means white sugar export margins have widened further.
- Whites exports now yield more than 40 USD over the 475 USD/mt parity level with domestic sales.
2 years ago
1 min read
Sugar Futures and Market Data: 28th February 2022
- No.11 prices are still trading sideways.
- The No.11 net spec position has increased slightly as the spec short reduces.
- Commercial positions continue to lift as the H’22 expiry draws closer.
2 years ago
1 min read
Ask the Analyst: Why are CS Brazil’s Mills Hedging So Slowly?
- Hedging for the 22/23 crop advanced very little between in the last few months
- In this week’s Ask the Analyst, we discuss what this might mean;
- If you’d like us to answer one of your questions in an upcoming edition, please email will@czapp.com.
2 years ago
2 min read
Can India Export Sugar Today? 24th February 2022
- The No.5 has recovered following the H’22 expiry, increasing white sugar export margins.
- Whites exports now offer almost 20 USD over the 476 USD/mt parity level with domestic sales.
- The No.11 is just 0.5c below the level required for exports (18.9c/lb).
2 years ago
1 min read
Sugar Futures and Market Data: 21st February 2022
- No.11 prices continue to trade sideways.
- The No.11 net spec position is unchanged from last week as spec selling slows.
- Commercial long positions are lifting as the H’22 expiry draws closer.
2 years ago
1 min read
Sugar Statshot: Surplus Grows with India’s Strong Cane Crop
- The global sugar surplus for 2021/22 has increased to 4m tonnes.
- India’s stronger-than-expected cane crop has driven this increase.
- 2022/23, however, will see almost a 3m tonne deficit.
2 years ago
1 min read
Can India Export Sugar Today? 17th February 2022
- Recent pressure to the No.5 has sharply driven down white sugar export margins.
- White sugar exports now yield just 7 USD/mt over the 475 USD/mt parity level with domestic sales.
- The No.11 sits around 0.7 c/lb beneath the 18.8 c/lb required for raws exports.
2 years ago
1 min read
Sugar Futures and Market Data: 14th February 2022
- The spec short has increased by over 22k lots to the highest level seen since Jun’20.
- The No.11 continues to trade sideways between 18 and 18.5 c/lb.
- Consumers are still keen to take advantage of dips in price, adding over 23k in hedges.
2 years ago
1 min read
Ask the Analyst: Brazilian Fuel Prices Alongside Brent Crude’s Rally
- Brent crude’s most recent rally began in late November, and the price now sits above 90 USD/barrel.
- In this week’s Ask the Analyst, we briefly discuss why this hasn’t been reflected in Brazilian fuel prices.
- If you’d like us to answer one of your questions in an upcoming edition, please email will@czapp.com.
2 years ago
1 min read
Can India Export Sugar Today? 10th February 2022
- Maharashtra’s white sugar price has dropped to 32,300 INR/mt, driving the parity level downwards.
- This has helped increase white sugar exports margins to almost 25 USD/mt.
- Additionally, the No.11 is now just 0.5c below the level required for raw sugar exports (19 c/lb).
2 years ago
1 min read
Sugar Futures and Market Data: 7th February 2022
- The No.11 has hovered around 18-18.5c/lb over the last week.
- Consumers continue to add to their position, taking further advantage of the price weakness.
- Re-export refiners have benefited as the white premium has strengthened since the previous update.
2 years ago
1 min read