Pool Update

Update as at Tuesday 20 June 2017

The information and views expressed in this report are those of the writer and do not necessarily reflect the views of MSF
Sugar. While all care is taken in the preparation of this report the reliability or accuracy of the information provided in the document is not
guaranteed. MSF Sugar does not accept any responsibility to any person for the decisions and actions taken by that person with respect
to any of the information contained in this report. The contents of this report are copyright to MSF Sugar. Any unauthorised use, copying
or other dissemination of this information shall be considered illegal and is strictly prohibited.

2016 Season Pool Prices (Pool valuation as at 15 June 2017)

16.20.6

2017 Season Pool Prices (Pool valuation as at 15 June 2017)

 17.20.6

Forward Season Pool Prices (Pool valuation as at 15 June 2017)

fs20.6

Net AUD/T (IPS) subject to change with changes in the ICE 11 market price affecting unpriced exposures, movement in the AUD/USD exchange rate and also due to  movements in the Shared Pool.

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Major Headlines

  • Sugar prices resumed the down trend, with little positive news to support prices at higher levels.
  • Dry weather is expected to return to Brazils Centre South, allowing the crush to progress in earnest.
  • Unica data indicated that recent wet weather in Brazil had not slowed the crush or encouraged more cane into ethanol as first thought.
  • Petrobras reduced Gasoline prices once again, placing more pressure on ethanol prices.
  • Pakistan’s producers continue to struggle to move additional production, asking its government to allow and to subsidise 1.2-1.8m MT of exports.
  • The Indian monsoon is tracking well, having reached northern Maharashtra and expected to reach Uttar Pradesh in 2-3 days.
  • Hotter weather in the EU may harm the beet crop, with one major co-op suggesting as much as half of the EU’s increased production maybe at risk.
  • The Australian Dollar has spent most of the last week is testing 1 month highs, after a string of better data (employment & GDP in the last 2 weeks) and a flagging US Dollar supported our currency. The Aussie has moved off its weekly highs overnight as Moody’s announced the big 4 banks have had their ratings cut to AA3.
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