Snapshot for November

摘要

March Raw sugar futures on ICE settled at 18.39 cents per pound on Oct. 20, while the. May was lower at 17.50 cents. In London, the December white sugar contract settled at US$527.90 a tonne, a two-week low, while the March settled at US$496.00. The global macroeconomic backdrop is bearish, with widespread recession fears, and the sugar market is still expected to record a surplus in the next year. Dealers said supply news from India, where sugar output is expected to rise 2 to 36.5 million tonnes in the new season that began on Oct. 1, weighed on prices, though this was countered by fresh spot demand from major buyers China and Indonesia and reduced cane crushing in top producer Brazil. Dealers note that short-term fundamentals remain bullish. ICE raw sugar speculators switched to a net long position of 13,022 contracts in the week of Oct. 11. Commodities trader Czarnikow recently downgraded its forecast for sugar output in Brazil this year by 700,000 tonnes, citing an increased risk that not all the sugarcane will be crushed due to adverse weather conditions. The company believes Brazil will only surpass last year's production as late as November or December when the rainy season is well underway. Global sugar balance (million tonnes) Market Snapshot India - Largest sugar producer and second largest exporter in 2021/22 India pipped Brazil to become the top sugar producer in the 2021/22 marketing year ending September with a bumper sugar output of 35.9 million tonnes. Brazil produced about 32 million tonnes of sugar in 2021-22. India produced a record 500 million tonnes of sugarcane during the 2021/22 October-September season, said the Ministry of Consumer Affairs, Food and Public Distribution on October 5th. Sugar mills crushed about 357.4 million tonnes of cane to produce about 35.9 million tonnes of sugar. Equivalent to 3.5 million tonnes of sugar were diverted to ethanol production. India's sugar exports jumped 57 to 10.98 million tonnes during the 2021/22 season, making the country world's 2nd largest exporter of sugar after Brazil.