• The whites market remains rangebound but the top seems to be lowering.
  • A whites market below $350/mt reduces exports from India.
  • While recent weakness couldreduce the amount of white sugar available from Thailand.
  • And it makes toll refining (importing raw sugar to produced and export refined) difficult.
  • This might sound a bit more positive than recent reports, but it isn’t.
  • The sugar market remains heavily oversupplied through till the end of the year and prices should continue to weaken.

Oliver Chapman

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