• There is a lot of sugar available to the market over the next 9 months. 
  • Brazil has 3m tonnes too much raw sugar and Thailand has 1m tonnes too much whites available for the market. 
  • On top of this we expect Indian subsidised exports to be available again this season due to the high stocks in country. 
  • The government are reportedly looking at ways to make an export subsidy WTO-compliant. 
  • That’s a lot of supply in the sugar market; where are the buyers? 

 If you want to see this data interactively please go to www.czapp.com/markets 

Oliver Chapman

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