Pool Update

Update as at 20 April 2018

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
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2017 Season Pool Prices (Pool valuation as at 12 April 2018)

IS Pools

Forward Season Pool Prices (Pool valuation as at 12 April 2018)

FS Pools

 

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

  • The sugar price continues its steady march south with the spot price closing at 11.65 c/lb on the 17th of April as all contracts from May-18 through May-20 fell to new life-of-contract lows.
  • The Indian government continues to heap pressure on millers to clear cane payment arrears with growers and has as yet refused to grant export subsidies. Millers maintain that without subsidies it is unviable to export sugar given current world prices so payments will remain in arrears. Another big Indian crop is forecast for harvest late in 2018.
  • “Until a weather event occurs, or there’s a demand-side response to lower prices,” sugar will remain under pressure from rising crops in India and Thailand amid slow demand, particularly from China, analysts at Rabobank say Thursday in a report. In China, “the dragon and its sweet tooth are sleeping for now” and the govt has been “moderately successful in preventing a flood of smuggled sugar in the face of increased import tariffs”
  • Brazil’s ethanol parity versus sugar fell to 14c by mid-April from 16.4c in late March, a level that still incentivizes mills to produce more biofuel from cane. If parity falls one more cent, then sweetener could start to become more attractive again, and its price will have to fall more to prevent bigger glut…
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