• Raw sugar export parity remains entrenched in negative territory; 18.8c/lb is where we’ll see unsubsidised raw sugar exports for 2020/21 become competitive.
  • The No.5 futures have rallied quite sharply since last week, closing the parity to just 30 USD/mt before unsubsidised low-quality white sugar is competitive enough to export onto world market.
  • The USD/INR FX has stabilised around the range of 74 Rupees per USD and does not impact export parity.

Spot Export Parity Update

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