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  • Prices in the last week have moved to levels not seen since early 2019.
  • The market has broken decisively through $350/mt and has stayed there.
  • It is difficult for the market to move much higher however.
  • At this level we expect to see increased Indian sugar being made available for export.
  • Brazilian mills may also choose to make more sugar as it begins to pay better than ethanol.

No.5 Market

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Oliver Chapman

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