Sugar Quarterly Q3 2019
As of mid-September, NY futures (basis Oct) are struggling to keep above USc 11/lb, with March 20 futures dipping below USc 12/lb. Big deliveries at recent contract expiries have underlined that export availability remains abundant, versus anemic import demand, according to the latest RaboResearch Sugar Quarterly.
Although the deficit we project for the new international 2019/20 crop year has deepened slightly to 5.2m metric tons, it needs to be remembered that this deficit represents a photograph of the projected situation at the end of September 2020, i.e. it is still a year away. 2019/20 will begin in October 2019 with high stock levels.
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Andy DuffHead of RaboResearch Food & Agribusiness - South America; Global Strategist - Sugar Read more
Pablo SherwellHead of RaboResearch Food & Agribusiness - North America Read more
Lief ChiangAnalyst - Grains & Oilseeds
Charles ClackCommodity Analyst Read more
Stephen NicholsonSenior Analyst - Grains & Oilseeds Read more