•  In the last decade, global sugarstocks have increased by 34m tonnes (raw value). 
  • This means global sugar stocks are at record levels, far in excess of what is needed to ensure the market is adequately supplied. 
  • Global consumption is growing slowly, and mills in Centre-South Brazil are already maximising ethanol output, not sugar. 
  • Despite this, the stock drawdown we expect in 2019/20 is tiny, at 3m mtrv. 

Global Stock Build 

Oliver Chapman

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