- January raw sugar shipments are the lowest in more than a decade.
- This follows a slow start to cane crushing in Thailand thanks to low cane availability this season.
- Indonesia has been the biggest buyer of Thai raws so far in 2021.
Slow Flow
- Thailand has shipped 172k tonnes of raw sugar so far in January.
- This is the lowest level of raw sugar shipments in January since before 2011.
- This is because there’s less than 70m tonnes of cane to be harvested this year, down from 135m tonnes in 2017/18.
- Farmers have therefore started harvesting cane later this season to allow it more time to mature.
- This is possible because there’s no pressure to deliver cane to mills before the wet season starts in April.
- Raw sugar production has therefore been slower so far this year, meaning there’s less available to export.
- Indonesia is the main destination for Thai raws at the moment, accounting for 119k tonnes.
- With Vietnam delaying its decision on whether to impose anti-dumping measures on Thailand, there’s been a steady flow of raws and refined bulk shipment nominations.
- We think Thailand will export 1.1m tonnes of raw sugar this season.
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