REPORTS

The rough range basis July continues to be 12.50/11.50 and on Oct 13/12 cents. Values are however drifting to the nether regions of these ranges, despite continued worries surrounding dry weather in CS Brazil which is expected to affect cane yields going forward given the age of the cane; oversupply elsewhere largely makes up for this. Thailand has just had a record crop and despite efforts to divert some of it to ethanol production, there is plenty left to be exported either in the form of raws or of whites following a re-melt. It is doubtful whether more than a million MT of sugar can be carried forward into next year given tight logistics.