• We think Thailand will produce just 7.1m tonnes of sugar in 2021.
  • This is because a lot of its farmers switched to plant cassava instead of cane, in search of greater returns and yields.
  • As a result, Thailand has just 3.5m tonnes of sugar available to export, down 2.1m tonnes year-on-year.
  • 2.7m tonnes of this will be white sugar, as we think mills will remelt 2.9m tonnes of raw sugar into refined in 2021.
  • As such, Thailand’s raw sugar export availability will plunge to 750k tonnes; a level not seen for the last 15 years.
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