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SUGAR REPORT | 27.10.2020 | MARKET COMMENTARY | SEBAT GROUP

SUGAR REPORT | 27.10.2020 | MARKET COMMENTARY

Lighter rains were expected in some key sugar areas in Brazil and affected positively premium values. It seems hard to suggest, however, that any fundamental variables are going to be more important than Indian policy for the next few weeks. 

1.) If India exports what they are expected to export, however, there could be a reasonable trade-flow surplus, although the estimated size of that surplus is ranging widely between houses. 
2.) If there is no subsidy, world prices will be expected to advance significantly to attract un-subsidized Indian exports. 
3.) If an export policy is announced in mid-November of anywhere near unchanged, prices should falter, at least as a first response. 
4.) If the announcement is delayed into Dec, sugar market will benefit by reduced raw export commitments.



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