• We expect a 4.6m tonne worldwide production/consumption deficit for 2019/20.
  • Don’t get too excited; stocks of sugar around the world will still be at close to record high levels.
  • This means the sugar market will probably be oversupplied in 2020 as well as this year.
  • Demand has been slow in 2019 due to high stocks at destination ensuring consumers aren’t in a rush to buy sugar.
  • For the moment, more time (or adverse weather) seems to be needed to allow stocks to reduce.

No.5 Price

Oliver Chapman

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