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Stephen Geldart

Associate Director

Stephen joined CZ in 2008 and leads the Analysis Team, who provide leading-edge coverage of the sugar, ethanol, ingredients and packaging markets primarily on, CZ’s online portal. CZ’s analysis team also provide price risk management services for sugar producers, refiners and consumers, and regularly undertakes strategic consultancy work for energy majors, banks, and agricultural businesses. Before joining CZ, Stephen began his career in the oil refining industry. He holds an MSci in Chemistry from Imperial College London.

  • July 8, 2024

June Sugar Market Webinar: Another Look at Brazil

Insight Focus Worries about CS Brazil’s cane crush have propelled ra...

  • June 24, 2024

BP Fire Starting Gun in Race for SAF Feedstock

Opinion Focus bp will acquire Bunge’s stake in their Brazilian cane ...

  • June 21, 2024

What Brazilian Real Weakness Means for Commodities

Opinion Focus The BRL has been one of the world’s worst-performi...

  • June 14, 2024

May Sugar Market Webinar: Focus on Brazil

Insight Focus The Brazilian real (BRL) is projected to weaken against ...

  • May 28, 2024

April Sugar Market Webinar: Exploring Sugar’s Downtrend

Insight Focus The sugar market is in a downtrend. This will be driven ...

  • March 26, 2024

March Sugar Market Webinar: Making Sense of Recent Prices

Insight Focus Sugar futures are once again trading in a range. Global ...

  • March 12, 2024

February Sugar Market Webinar: The EU Sugar Market in 10 Minutes

Insight Focus European sugar production should increase in 2024/25. Th...

  • February 1, 2024

A Look At Sugar Market Positioning Ahead of the March Futures Expiries

Insight Focus The sugar market has rebounded 20% from recent lows. Spe...

  • January 8, 2024

What Follows The Sugar Market’s December Collapse?

Insight Focus December’s 25% sugar price fall was mild by histor...

  • November 28, 2023

Sugar Futures and Market Data: 28th November 2023

Insight Focus The index long position in raw sugar has fallen to the l...

  • November 27, 2023

Sugar’s Price Strength in Context & What’s Next

Insight Focus The US Dollar and interest rates remain firm. There are ...

  • November 20, 2023

Sugar Futures and Market Data: 20th November 2023

Insight Focus The index long position in raw sugar has fallen to the l...

  • November 17, 2023

A Closer Look at Sugar Demand Destruction

Insight Focus Sugar prices have been high for all of 2023. We are yet ...

  • October 2, 2023

What India’s Crop Problems Mean For Sugar

Insight Focus India faces a sucrose shortfall in 2024. Global sugar pr...

  • September 26, 2023

What Happened at the India Sugar & Bio-Energy Conference 2023?

Insight Focus India is booming; so is its cane sector. But India faces...

  • September 11, 2023

A Closer Look At Sugar’s Upcoming Supply Problems

Regístrate ahora!  Insight Focus India won’t export sugar for ...

  • August 11, 2023

Raw Sugar Demand Drops 20% in H1’23

Insight Focus Global refiners slow raw sugar purchases. Raw sugar pric...

Food and Ingredients Sugar
  • June 30, 2023

Aspartame to be Reclassified by World Health Organization?

Insight Focus Reuters reports the WHO might be about to declare aspart...

  • June 30, 2023

Ask the Analyst: At What Price Will Chinese Refiners Buy Raw Sugar?

Insight Focus China is a major raw sugar buyer. Raw sugar futures have...

Food and Ingredients Sugar
  • June 26, 2023

How Cane Biomass Can Increase Energy Security and Decarbonisation

Insight Focus Biomass is increasingly a source of revenue for cane mil...

  • June 26, 2023

What’s Happening to Sugar Demand?

Insight Focus Sugar futures spreads have collapsed. Sugar supply remai...

  • June 15, 2023

What Does El Nino Mean for the Sugar Market?

Insight Focus The sugar market has rebounded thanks to fears of El Nin...

Food and Ingredients Grains
  • May 30, 2023

From the TXF Global Conference: Ensuring Food Security

Insight Focus Markets have responded to disruption to Black Sea grains...

  • May 5, 2023

Ask the Analyst: What Happened During Sugar’s 2009-11 Bull Market?

Insight Focus 12 Year Highs in Raw Sugar Mean We’ve Been Asked to Lo...

  • April 24, 2023

How External Markets Are Influencing Sugar

Insight Focus I presented at the S&P Global Sugar Conference in Ge...

  • March 27, 2023

March 2023 Sugar Market Video

Insight Focus Can raw sugar keep rallying while other commodities retr...

  • March 6, 2023

February 2023 Sugar Market Video

Insight Focus Sugar consumption growth has slowed since the 2010s. We ...

  • March 3, 2023

Ask The Analyst: What Happened At the Dubai Sugar Conference 2023?

Insight Focus Plenty of bullish price sentiment for sugar. Large CS Br...

  • February 27, 2023

Do Sugar Taxes Work?

Insight Focus More than 40 countries have imposed sugar taxes in the l...

  • February 3, 2023

Czapp Explains: Containers

Welcome to the sixth and final part of Czapp’s course on freight. In...

  • February 2, 2023

Czapp Explains: Costs and Price Risk Management

Welcome to the fifth part of Czapp’s course on freight In the fi...

  • February 1, 2023

Czapp Explains: Dry Bulk Contracts

Freight Course Overview Welcome to the fourth part of Czapp’s course...

  • February 1, 2023

Czapp Explains: Freight Drybulk Vessels, Cargoes & Routes

Freight Course Overview Welcome to the third part of Czapp’s course ...

  • January 31, 2023

Czapp Explains: Drybulk Ocean Freight – Who’s Who

Freight Course Overview Welcome to the second instalment of Czapp’s ...

Grains Sugar
  • January 30, 2023

Czapp Explains: Types of Freight

Freight Course Overview Welcome to Czapp’s course on freight. We hop...

  • January 25, 2023

January 2023 Sugar Market Video

Insight Focus New year, same range for raw and refined sugar. Sugar is...

Ethanol Sugar
  • January 11, 2023

2023 Outlook for Sugar, Ethanol and Biomass

Insight Focus Globalisation may retreat further in 2023. If so, this i...

  • December 22, 2022

December 2022 Sugar Market Video

Insight Focus The raw sugar market is staging a Santa rally. We’ve b...

  • December 16, 2022

Ask the Analyst: Why Has Pakistan Allowed Sugar Exports?

Insight Focus Pakistan made a record amount of sugar in 2022. Sugar st...

  • December 5, 2022

Sugar Market Presentation November 2022

Insight Focus The sugar market is suffering from a decade of underinve...

  • November 21, 2022

November 2022 Sugar Market Video

Insight Focus Indian defaults have pushed the raw sugar market higher....

  • November 11, 2022

Ask the Analyst: Why Has Cuba’s Sugar Industry Declined?

This week newswires carried stories that Cuba wouldn’t export sugar ...

  • November 10, 2022

How Realistic is Indonesia’s Sugar Self-Sufficiency Plan?

Insight Focus Indonesia’s President has announced a plan to become s...

  • November 7, 2022

Japan’s Sugar Refiners Consolidation & Future Growth

Insight Focus Itochu SUGAR and Nissin Sugar are merging their sugar re...

  • October 18, 2022

October 2022 Sugar Market Video

Insight Focus Sugar has strengthened since the October futures expirie...

  • October 11, 2022

Market Presentation for London Sugar Week 2022

Insight Focus The world’s sugar trade met in-person in London in the...

  • October 7, 2022

Ask the Analyst: Was the October Raw Sugar Futures Expiry Bullish?

Insight Focus The October raw sugar futures expired at a premium to th...

  • October 3, 2022

September 2022 Sugar Market Video

Insight Focus Sugar markets are still being buffeted by the US Dollar ...

  • September 16, 2022

Ask the Analyst: What’s Happening in the Refined Sugar Market?

Insight Focus Refined sugar futures have traded to a 10-year high. Dem...

  • September 15, 2022

Inflation and Commodities: The Need for Investment

Inflation is probably transitory and structural. Reduced globalisation...

  • September 2, 2022

Ask the Analyst: Why Is Raw Sugar Open Interest Falling?

Insight Focus Raw sugar open interest is the lowest in 5 years. Specul...

  • September 1, 2022

October Raw Sugar Expiry: Showing Stress

Insight Focus The October/March raw sugar spread is at a premium. This...

  • July 20, 2022

How Does a Re-Export Sugar Refinery Work?

Re-export refiners play a crucial role in the global sugar market as i...

Grains Sugar
  • June 24, 2022

Ask the Analyst: How’s India’s Monsoon Going?

Insight Focus The monsoon is the lifeblood of India’s agriculture. G...

Food and Ingredients Sugar
  • June 23, 2022

Czapp Explains: Physical Differentials

Sugar and other commodity prices, typically quoted as physical values,...

Ethanol Grains
  • May 9, 2022

Should India Abandon Ethanol To Make Food?

Insight Focus High global food prices are helping India export its sto...

  • April 19, 2022

Who is Stockpiling Sugar?

Insight Focus COVID, Russia’s invasion of Ukraine have put food secu...

  • March 4, 2022

Is ‘Fortress Russia’ Self-Sufficient in Sugar?

Insight Focus Russia is normally self-sufficient in sugar. But more th...

  • March 4, 2022

Black Sea Sugar Freight Suffers Little War Disruption

Insight Focus Black Sea shipping is being disrupted by the Ukraine war...

  • February 7, 2022

Inflation & Commodities: A Contrarian View

Insight Focus Inflation is front-page news. The ‘long commodity’ t...

  • November 30, 2021

Sugar & Omicron: The End of the Trend?

The Omicron COVID variant has rattled the sugar market. Sugar’s 18-m...

Energy Ethanol
  • October 8, 2021

What the Energy Crisis Means for Inflation & Commodities

The world’s natural gas markets have gone berserk. Many non-energy c...

Ethanol Sugar
  • June 20, 2021

Indian Ethanol: Triggering a Sugar Bull Market?

India’s government wants a 20% blend of ethanol in gasoline by 2025....

  • May 27, 2021

India’s Unknown Climate Heroes

The Indian government wants a 20% blend of ethanol in gasoline by 2025...

  • May 11, 2021

Commodities, Inflation and Rising Rates

Commodity price inflation is front-page news, which might mean a corre...

Ethanol Sugar
  • March 5, 2021

Ask the Analyst: Threats and Opportunities for Sugar

We provide a five-year forecast for the world sugar market every few m...

  • February 19, 2021

Ask the Analyst: Genetically Modified Cane and US Raws Supply

Firstly, it’s important to note that the No.16 is very illiquid, so ...

  • February 12, 2021

Ask the Analyst: Sugar Consumption and Raws Prices in 2021

The strength in raw sugar started in 2020 as major buyers took advanta...

Ethanol Sugar
  • February 5, 2021

Ask the Analyst: Sugar Production, COVID, Ethanol Tax

In the early stages of the pandemic, sugar consumption fell in many co...

Ethanol Sugar
  • January 29, 2021

Ask the Analyst: Brexit, Sugar Consumption, Health

The United Kingdom doesn’t make enough sugar to meet its needs. It ...

  • October 1, 2020

October’20 Raw Sugar Expiry: Two Conspiracy Theories

The world is oversupplied with raw sugar. Three receivers have just ta...

  • August 5, 2020

Sugar Taxes: Going Up Because of COVID?

Being overweight appears to increase the risk of having severe COVID s...

  • May 28, 2020

May PET Update – Stabilisation

242 words / 1 minute reading time Global PET demand remains sluggish d...

  • April 30, 2020

India to Subsidise Sugar Exports in 2021?

419 words / 2 minute reading time The WTO has said its investigation i...

  • February 12, 2020

The Long Read: Sugar Consumption and Reformulation

 3,324 words / 20 minute reading time  Many major food and b...

  • November 6, 2019

The Long Read: Sugar Taxes & Demand

2,220 words / 11 minute reading time  Sugar taxes are spreading a...

  • August 29, 2019

Czapp Improvements in August 2019

What’s new? Quite a lot, actually.  We’ve continued to enhanc...

  • August 29, 2019

Czapp Improvements in August 2019

What’s new? Quite a lot, actually.  We’ve continued to enhanc...

  • August 5, 2019

Sugar and the Move to Low Sulphur Marine Fuels

Demand for low sulphur marine fuels will rise in the coming months. A ...

  • April 23, 2019

The Sugar Market: In Transition?

We expect prices to bottom in H1’19, if they haven’t already. ...

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