• A record 1.4mmt of Thai Raws are going to be carried into 2020, competing with new season production.
  • We expect there to be 900k tonnes of Q1 demand for this rolled sugar.
  • This leaves at least 500k tonnes of these carried raws without an obvious home.
  • Along with displacement of new crop demand, this large carry could put pressure on storage capacity at the peak of next season’s stocks.

Thai Raws Closing Stock Profile

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Will Langston

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