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Jay Kindred

Trader

Jay has worked at CZ since 2019, starting as a market analyst before becoming a trader on the CZ derivatives desk in 2023.

As an analyst Jay had been responsible for providing regular content to our premium sugar analysis subscription as well as presenting our current market view to clients.

Since transferring into a trading role Jay has been developing and expanding CZ’s derivatives risk management offering across a broader suite of commodities and instruments.

He holds a BSc (Hons) in Economics from the University of Bath.

Sugar
  • November 29, 2023

The Raw Sugar Futures July-October Spread

Welcome to the sixth instalment of Czapp’s course on futures mar...

Sugar
  • November 16, 2023

The Raw Sugar Futures May-July Spread

Welcome to the fifth instalment of Czapp’s course on futures mar...

Sugar
  • November 7, 2023

The Raw Sugar October-March Spread

Welcome to the third instalment of Czapp’s course on futures mar...

Sugar
  • November 3, 2023

Ask The Analyst: Why are the Sugar Futures Spreads so Backwardated?

Insight Focus In this week’s Ask the Analyst we answer why the s...

Sugar
  • October 25, 2023

What Factors Influence Futures Market Spreads?

Welcome to the second instalment of Czapp’s course on futures ma...

Food and Ingredients
  • October 12, 2023

What are Futures Market Spreads?

Welcome to the first instalment of Czapp’s course on futures mar...

Sugar
  • September 29, 2023

Ask The Analyst: Your Questions From Our Q3 2023 Sugar Market Webinar

Click here to watch on-demand Insight Focus In this week’s Ask the A...

Sugar
  • August 7, 2023

Sugar Futures and Market Data: 7th August 2023

Insight Focus Refined sugar prices make gains, whilst raw sugar prices...

Sugar
  • August 7, 2023

Sugar Statshot: Global Sugar Deficit Again in 2023/24

Insight Focus Global sugar production is expected to be the second hig...

Sugar
  • July 31, 2023

Sugar Futures and Market Data: 31st July 2023

Insight Focus Raw and refined sugar futures prices weakened last week,...

Sugar
  • July 21, 2023

Ask The Analyst: Will Record Temperatures in Southern Europe Affect the EU Beet Crop?

Insight Focus Spain and other Mediterranean sugar beet producers are f...

Sugar
  • May 26, 2023

Ask the Analyst: Your Questions from Our Recent Sugar Market Webinar

Insight Focus In this week’s Ask the Analyst we answer some of the q...

Sugar
  • May 23, 2023

Czapp Q2 Sugar Webinar: ‘Global sugar prices are at a decade high, what is going on?’

We recently presented a webinar on why sugar prices have strengthened ...

Sugar
  • May 12, 2023

Ask the Analyst: Should I Worry About Late Beet Sowing in the EU & US?

Insight Focus Sugar beet sowing is delayed in parts of the EU followin...

Sugar
  • April 11, 2023

Czapp Explains: The Sugar Futures Contracts

Welcome to the third and final instalment of Czapp’s course on t...

Sugar
  • April 6, 2023

Czapp Explains: How Futures Markets Are Used

Welcome to the second instalment of Czapp’s course on the future...

Sugar
  • April 4, 2023

Czapp Explains: What is a Futures Market?

Welcome to the first instalment of Czapp’s course on the futures mar...

Sugar
  • March 24, 2023

Ask the Analyst: Why Haven’t High European Beet Prices Led to More Plantings?

Insight Focus European area planted to sugar beet is the 2nd lowest in...

Sugar
  • March 20, 2023

Upcoming EU Carbon Pricing Scheme Risks Higher Food Prices

Insight Focus Fertilizer imports to the EU will soon include carbon di...

Sugar
  • March 14, 2023

Sugar Futures and Market Data: 14th March 2023

Insight Focus Both raw and refined sugar futures prices strengthened o...

Sugar
  • February 10, 2023

Ask the Analyst: Why Are Thai Farmers Burning More Sugar Cane This Year?

Insight Focus Thai farmers have burnt 8% more cane this season compare...

Sugar
  • January 16, 2023

Sugar Statshot: 2022/23 Global Sugar Surplus Forecast Over 2m tonnes Smaller Than Last Season

Insight Focus We think global sugar production in 2022/23 will be the ...

Sugar
  • December 20, 2022

Sugar Statshot: Low Rainfall in Centre South Brazil Helps Boost Global Sugar Production Surplus In 2022/23

Insight Focus Drier weather in Centre South Brazil has helped the suga...

Sugar
  • December 15, 2022

Can India Export Sugar Today? 15th December 2022

Insight Focus World market sugar prices quickly strengthened on Wednes...

Sugar
  • December 12, 2022

Sugar Futures and Market Data: 12th December 2022

Insight Focus Raw and refined sugar prices have traded in a narrow sid...

Sugar
  • December 9, 2022

Ask the Analyst: Will There be Enough Raw Sugar at the End of 2023?

Insight Focus Our analysis points to a possible shortage of raw sugar ...

Sugar
  • December 8, 2022

Can India Export Sugar Today? 8th December 2022

Insight Focus We think around 4m tonnes of Indian sugar has been contr...

Sugar
  • December 8, 2022

It’s Been a Strong Russian Sugar Crop

Insight Focus Russian sugar production will be the largest in 3 years....

Sugar
  • December 5, 2022

Sugar Futures and Market Data: 5th December 2022

Insight Focus Raw and refined sugar futures prices have traded sideway...

Sugar
  • December 1, 2022

Can India Export Sugar Today? 1st December 2022

Insight Focus We think around 4m tonnes of Indian sugar has been contr...

Sugar
  • November 29, 2022

Sugar Futures and Market Data: 29th November 2022

Insight Focus Raw and refined sugar speculators extend their net long ...

Sugar
  • November 24, 2022

Sugar Statshot: Global Sugar Surplus Shrinks in 2022/23 amid Reductions to Several Producers

Insight Focus We have reduced our global production forecast for 2022/...

Sugar
  • November 24, 2022

Can India Export Sugar Today? 24th November 2022

Insight Focus The Indian government has permitted 6m tonnes of sugar e...

Sugar
  • November 21, 2022

Sugar Futures and Market Data: 21st November 2022

Insight Focus Raw and refined sugar price increases have stalled after...

Sugar
  • November 17, 2022

Can India Export Sugar Today? 17th November 2022

Insight Focus The Indian government has initially permitted 6m tonnes ...

Sugar
  • November 15, 2022

Sugar Futures and Market Data: 15th November 2022

Insight Focus Both raw and refined sugar prices continued to strengthe...

Sugar
  • November 10, 2022

Can India Export Sugar Today? 10th November 2022

Insight Focus The Indian government has announced the first tranche of...

Sugar
  • November 7, 2022

Sugar Futures and Market Data: 7th November 2022

Insight Focus Raw and refined sugar speculators retreat back towards n...

Sugar
  • November 3, 2022

Can India Export Sugar Today? 3rd November 2022

Insight Focus The white sugar price in Maharashtra has weakened to 33....

Sugar
  • October 31, 2022

Sugar Futures and Market Data: 31st October 2022

Insight Focus The raw and white sugar markets continue their decline t...

Sugar
  • October 31, 2022

Sugar Statshot: Global Surplus Grows Despite CS Brazil Forecast Decrease

Insight Focus Global production in 2022/23 falls marginally as several...

Sugar
  • October 27, 2022

Can India Export Sugar Today? 27th October 2022

Insight Focus The No.11 has weakened through 18c/lb. Raw sugar exports...

Sugar
  • October 24, 2022

Sugar Futures and Market Data: 24th October 2022

Insight Focus Both No.11 and No.5 prices have fallen over the last wee...

Sugar
  • October 20, 2022

Can India Export Sugar Today? 20th October 2022

Insight Focus Domestic prices in Maharashtra have strengthened back to...

Sugar
  • October 17, 2022

Sugar Futures and Market Data: 17th October 2022

Insight Focus Recent strength in the No.11 and No.5 slowed in the last...

Sugar
  • October 13, 2022

Can India Export Sugar Today? 13th October 2022

Insight Focus The No.11 has strengthened almost 80 points over the las...

Sugar
  • October 10, 2022

Sugar Futures and Market Data: 10th October 2022

Insight Focus No.11 and No.5 prices strengthened last week. Raw sugar ...

Sugar
  • October 6, 2022

Can India Export Sugar Today? 6th October 2022

Insight Focus The INR has stopped weakening this week, unable to break...

Sugar
  • October 3, 2022

Sugar Futures and Market Data: 3rd October 2022

Insight Focus Both raw and white sugar prices are drifting sideways-to...

Sugar
  • October 3, 2022

Weather Reduces Several Sugar Producer’s Forecasts

Insight Focus The sugar surplus in 2022/23 has grown. We have reduced ...

Sugar
  • September 29, 2022

Can India Export Sugar Today? 29th September 2022

Insight Focus Domestic prices in Maharashtra have recently softened al...

Sugar
  • September 27, 2022

Sugar Futures and Market Data: 27th September 2022

Insight Focus Raw sugar speculators have attempted to build another sh...

Sugar
  • September 22, 2022

Can India Export Sugar Today? 22nd September 2022

Insight Focus The INR has depreciated to new record lows against the U...

Sugar
  • September 19, 2022

Drought: A New Normal for EU Beet Growers?

Insight Focus Europe’s hot and dry summer has affected beet health. ...

Sugar
  • September 15, 2022

Can India Export Sugar Today? September 15th 2022

Insight Focus We think India will export around 8m tonnes of sugar fro...

Sugar
  • September 12, 2022

Sugar Futures and Market Data: 12th September 2022

Insight Focus Raw sugar speculators add new short positions, reversing...

Sugar
  • September 8, 2022

Can India Export Sugar Today? 8th September 2022

Insight Focus We think India will export around 8m tonnes of sugar fro...

Sugar
  • September 6, 2022

Sugar Statshot: Global Production Surplus as CS Brazil Sugar Mix Rises

Insight Focus There is still a small production surplus expected in 20...

Sugar
  • September 5, 2022

Sugar Futures and Market Data: 5th September 2022

Insight Focus Raw sugar speculators cut short position for the 3rd tim...

Sugar
  • September 1, 2022

Can India Export Sugar Today? 1st September 2022

Insight Focus Around 0.5m tonnes (of a possible 11.2m) are left to be ...

Sugar
  • August 30, 2022

Sugar Futures and Market Data: 30th August 2022

Insight Focus Raw sugar producers and consumers have both been able to...

Sugar
  • August 25, 2022

Can India Export Sugar Today? 25th August 2022

Insight Focus  We think around 0.5m tonnes (of a possible 11.2m) ...

Sugar
  • August 22, 2022

Sugar Futures and Market Data: 22nd August 2022

Insight Focus The No.11 net spec position has swung back towards neutr...

Sugar
  • August 18, 2022

Can India Export Sugar Today? 18th August 2022

Insight Focus An extra 1.2m tonnes of Indian sugar exports have been p...

Sugar
  • August 15, 2022

Sugar Futures and Market Data: 15th August 2022

Insight Focus  Net commercial and spec positions very similar to ...

Sugar
  • August 11, 2022

Can India Export Sugar Today? 11th August 2022

Insight Focus An extra 1.2m tonnes of Indian sugar exports have been p...

Sugar
  • August 8, 2022

Sugar Futures and Market Data: 8th August 2022

New York No.11 (Raw Sugar) The No.11 has slowly climbed back towards 1...

Sugar
  • August 8, 2022

Sugar Statshot: Production Grows in 2022/23 but Weather Risk Intensifies

Insight Focus The production surplus in 2022/23 has grown. Good water ...

Sugar
  • August 4, 2022

Can India Export Sugar Today? 4th August 2022

Insight Focus An extra 1.2m tonnes of Indian sugar exports may be perm...

Sugar
  • August 1, 2022

Sugar Futures and Market Data: 1st August 2022

Insight Focus The No.11 remains close to its 12 month low. Consumers h...

Sugar
  • July 21, 2022

Can India Export Sugar in 2022/23? 21st July 2022

Insight Focus Indian mills cannot sell any more sugar for export the 2...

Sugar
  • July 18, 2022

Sugar Futures and Market Data: 18th July 2022

Insight Focus The No.11 has held around 19c/lb. Many recently opened s...

Sugar
  • July 15, 2022

Ask the Analyst: Indian Sugar Exports: What Price and Why?

Insight Focus The world will need Indian sugar later in the year. In t...

Sugar
  • July 14, 2022

Can India Export Sugar in 2022/23? 14th July 2022

Insight Focus Indian mills cannot sell any more sugar for export the 2...

Food and Ingredients
  • July 14, 2022

Strong 2021/22 for EU Olive Oil Not Expected to Continue in 2022/23

Insight Focus In 2021/22 EU olive oil production and demand were high....

Sugar
  • July 11, 2022

Sugar Futures and Market Data: 11th July 2022

Insight Focus Raw sugar net spec position turns negative, first time i...

Sugar
  • July 11, 2022

Sugar Statshot: India Crop Drives Small Global Surplus in 2022/23

Insight Focus The world will produce more sugar than it needs in 2022/...

Sugar
  • July 7, 2022

Can India Export Sugar in 2022/23? 7th July 2022

Insight Focus Indian mills cannot sell any more sugar for export this ...

Sugar
  • July 4, 2022

Sugar Futures and Market Data: 4th July 2022

Insight Focus Raw sugar net spec position the lowest since the 10c mar...

Sugar
  • June 30, 2022

Can India Export Sugar Today? 30th June 2022

Insight Focus Indian mills cannot sell any more sugar for export this ...

Sugar
  • June 27, 2022

Sugar Futures and Market Data: 27th June 2022

Insight Focus No.11 prices continue to slide. The net speculative posi...

Sugar
  • June 23, 2022

Can India Export Sugar Today? 23rd June 2022

Insight Focus Indian mills cannot sell any more sugar for export this ...

Sugar
  • June 20, 2022

Sugar Futures and Market Data: 20th June 2022

Insight Focus No.11 prices have continued to weaken whilst the No.5 mo...

Sugar
  • June 16, 2022

Can India Export Sugar Today? 16th June 2022

Insight Focus Indian mills cannot sell anymore sugar for export this s...

Sugar
  • June 14, 2022

Sugar Statshot: Small Sugar Deficit in 2022/23

Insight Focus Sugar consumption will exceed production in 2022/23. Sug...

Sugar
  • June 13, 2022

Sugar Futures and Market Data: 13th June 2022

Insight Focus No.11 prices have fallen slightly, while No.5 price cont...

Sugar
  • June 10, 2022

Ask the Analyst: Why is the Sugar White Premium so High?

Insight Focus The sugar white premium had recently broken above 160USD...

Sugar
  • June 9, 2022

Can India Export Sugar Today? 9th June 2022

Insight Focus The Indian government has capped 2021/22 exports at 10m ...

Sugar
  • June 6, 2022

Sugar Futures and Market Data: 6th June 2022

No.11 prices have been in decline, in contrast to a strengthening No.5...

Sugar
  • June 2, 2022

Can India Export Sugar Today? 1st June 2022

Insight Focus The Indian government has capped 2021/22 exports at 10m ...

Food and Ingredients
  • June 1, 2022

Adverse Weather Hits Spanish Citrus Output

Insight Focus Spanish citrus crop set to fall at least 5% on year, USD...

Sugar
  • May 30, 2022

Sugar Futures and Market Data: 30th May 2022

Insight Focus No.11 prices have fallen slightly, yet No.5 values have ...

Sugar
  • May 26, 2022

Can India Export Sugar Today? 26th May 2022

Insight Focus There is up to 1m tonnes of export volume left uncontrac...

Sugar
  • May 23, 2022

Sugar Futures and Market Data: 23rd May 2022

Insight Focus The No.11 has rallied back above 20c/lb. This rise was h...

Sugar
  • May 20, 2022

Ask the Analyst: Does a Slow Start to CS Brazil Crushing Mean a Late Finish?

Insight Focus Cane crushing in CS Brazil has started slowly. In this w...

Sugar
  • May 19, 2022

Can India Export Sugar Today? 19th May 2022

Insight Focus There is up to 1m tonnes of export volume left uncontrac...

Sugar
  • May 16, 2022

Sugar Futures and Market Data: 16th May 2022

Insight Focus Sugar speculators continue to lift long positions. Consu...

Grains
  • May 16, 2022

Supply Crunch Opportunity for EU Rapeseed?

Insight Focus Ukraine crisis, and an Indonesian export ban is cutting ...

Sugar
  • May 16, 2022

Sugar Statshot: 2021/22 Crop Finishes Strongly

Insight Focus Global production in 2021/22 is rounding off to become s...

Sugar
  • May 12, 2022

Can India Export Sugar Today? 12th May 2022

Insight Focus With the No.11 around 18.5c/lb, raw sugar exports are un...

Sugar
  • May 9, 2022

Sugar Futures and Market Data: 9th May 2022

Insight Focus No.11 prices fall below 19c/lb. Raw sugar speculators co...

  • May 6, 2022

Will Rising Interest Rates Affect Supply Chains?

A further interest rate rise in the US becomes the latest in a trend o...

Sugar
  • May 5, 2022

Can India Export Sugar Today? 5th May 2022

Raw sugar exports are not currently workable as they are 0.6c/lb below...

Sugar
  • May 3, 2022

Sugar Futures and Market Data: 4th May 2022

Insight Focus Sugar speculators have been put under pressure.  Co...

Sugar
  • April 28, 2022

Can India Export Sugar Today? 28th April 2022

Insight Focus The No.11 has weakened below the 19.2 c/lb level needed ...

Sugar
  • April 25, 2022

Sugar Futures and Market Data: 25th April 2022

Insight Focus No.11 prices have retreated towards 19 c/lb. Both raw su...

Sugar
  • April 22, 2022

Ask the Analyst: Are Sugar Crops Fertiliser Intensive?

Insight Focus Fertiliser supply lines have been disrupted by Russia’...

Sugar
  • April 21, 2022

Can India Export Sugar Today? 21st April 2022

Insight Focus The No.11 has weakened and now sits closer to parity wit...

Sugar
  • April 21, 2022

Sugar Statshot: Surplus Widens with Strong Indian and Pakistani Cane Crops

Insight Focus We’ve upped our sugar production estimate for 2021/22 ...

Sugar
  • April 19, 2022

Sugar Futures and Market Data: 19th April 2022

Insight Focus The No.11 is still trading above 20 c/lb. Speculators ha...

Sugar
  • April 14, 2022

Can India Export Sugar Today? 14th April 2022

Insight Focus Raw sugar exports are still viable with the No.11 comfor...

Sugar
  • April 11, 2022

Sugar Futures and Market Data: 11th April 2022

Insight Focus The No.11 has traded above 20 c/lb.  The net spec p...

Sugar
  • April 7, 2022

Can India Export Sugar Today? 7th April 2022

Insight Focus Maharashtra’s domestic price has increased to 33,600 I...

Sugar
  • April 4, 2022

Sugar Futures and Market Data: 4th April 2022

Insight Focus The No.11 has traded sideways around 19.5 c/lb this. The...

Sugar
  • March 31, 2022

Can India Export Sugar Today? 31st March 2022

Insight Focus Maharashtra’s domestic price has remained at 31,150 IN...

Sugar
  • March 28, 2022

Sugar Futures and Market Data: 28th March 2022

    Insight Focus No.11 prices have strengthened back a...

Sugar
  • March 24, 2022

Can India Export Sugar Today? 24th March 2022

Insight Focus Maharashtra’s whites price has dropped by over 1,000 I...

Sugar
  • March 22, 2022

Can the European Beet Industry Survive Without Neonics?

Insight Focus Europe’s warmer winter could be bad news for beet grow...

Sugar
  • March 21, 2022

Sugar Futures and Market Data: 21st March 2022

 Insight Focus The No.11 has fallen just below 19c. Raw sugar spe...

Sugar
  • March 21, 2022

Sugar Statshot: Surplus Shrinks Despite Strong Indian Production

Insight Focus We think the world will produce 176.1mmt of sugar this s...

Sugar
  • March 17, 2022

Can India Export Sugar Today? 17th March 2022

Raws exports pay slightly better than domestic sales, with the No.11 a...

Sugar
  • March 14, 2022

Sugar Futures and Market Data: 14th March 2022

Insight Focus The No.11 has rallied above 19c.  The weekly increa...

Sugar
  • March 10, 2022

Can India Export Sugar Today? 10th March 2022

With the No.11 around 19c, raw sugar exports now pay >0.5c/lb more ...

Sugar
  • March 7, 2022

Sugar Futures and Market Data: 7th March 2022

Insight Focus The No.11 and No.5 rallied sharply at the end of last we...

Sugar
  • March 3, 2022

Can India Export Sugar Today? 3rd March 2022

Insight Focus The No.11 is below the 18.8 c/lb export parity point, bu...

Sugar
  • February 28, 2022

Sugar Futures and Market Data: 28th February 2022

Insight Focus No.11 prices are still trading sideways. The No.11 net s...

Grains
  • February 25, 2022

Ask the Analyst: Why are CS Brazil’s Mills Hedging So Slowly?

Insight Focus Hedging for the 22/23 crop advanced very little between ...

Sugar
  • February 24, 2022

Can India Export Sugar Today? 24th February 2022

Insight Focus The No.5 has recovered following the H’22 expiry, incr...

Sugar
  • February 21, 2022

Sugar Futures and Market Data: 21st February 2022

No.11 prices continue to trade sideways. The No.11 net spec position i...

Sugar
  • February 21, 2022

Sugar Statshot: Surplus Grows with India’s Strong Cane Crop

The global sugar surplus for 2021/22 has increased to 4m tonnes. India...

  • February 17, 2022

Can India Export Sugar Today? 17th February 2022

Insight Focus Recent pressure to the No.5 has sharply driven down whit...

Sugar
  • February 14, 2022

Sugar Futures and Market Data: 14th February 2022

The spec short has increased by over 22k lots to the highest level see...

  • February 14, 2022

Ask the Analyst: Brazilian Fuel Prices Alongside Brent Crude’s Rally

Brent crude’s most recent rally began in late November, and the pric...

Sugar
  • February 10, 2022

Can India Export Sugar Today? 10th February 2022

Indian raw sugar exports are now workable below 19c for the first time...

Sugar
  • February 7, 2022

Sugar Futures and Market Data: 7th February 2022

The No.11 has hovered around 18-18.5c/lb over the last week. Consumers...

Sugar
  • February 3, 2022

Can India Export Sugar Today? 3rd February 2022

White sugar exports remain viable, with the No.5 still above the 483 U...

Sugar
  • January 31, 2022

Sugar Futures and Market Data: 31st January 2021

The No.11 fell to near 18 c/lb over the last week. This could give con...

Sugar
  • January 27, 2022

Can India Export Sugar Today? 27th January 2021

White sugar exports remain viable above 490 USD/mt, despite the No.5...

Sugar
  • January 24, 2022

Sugar Statshot: The Surplus Grows for 2021/22

The world should have 2.8m tonnes more sugar than it needs to satisfy ...

Sugar
  • January 20, 2022

Can India Export Sugar Today? 20th January 2022

The No.5 is well above the 492 USD/mt parity level, making white sugar...

Sugar
  • January 13, 2022

Can India Export Sugar Today? 13th January 2022

Although the No.11 has strengthened in recent days, it remains 130 poi...

Sugar
  • January 6, 2022

Can India Export Sugar Today? 6th January 2022

Weakening No.11 and No.5 values mean Indian sugar exports aren’t wor...

Sugar
  • December 16, 2021

Can India Export Sugar Today? 16th December 2021

Raw and white sugar exports are workable at 19.3 c/lb and 487 USD/mt r...

Sugar
  • December 9, 2021

Can India Export Sugar Today? 9th December 2021

Indian raw and white sugar exports from Maharashtra are once again via...

Sugar
  • December 2, 2021

Can India Export Sugar Today? 2nd December 2021

Raw and white sugar exports are unworkable, once again, following the ...

Sugar
  • November 25, 2021

Can India Export Sugar Today? 25th November 2021

Indian raw sugar exports remain workable at 19.42 c/lb, offering aroun...

Sugar
  • November 18, 2021

Can India Export Sugar Today? 18th November 2021

Note: You can monitor India’s export parity in the Interactive Data...

Sugar
  • November 11, 2021

Can India Export Sugar Today? 11th November 2021

Note: You can monitor India’s export parity in the Interactive Data...

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