World statistical deficit revised upwards to 6.5 mln tonnes
A further decrease in global sugar stocks by October 2017
Mid-term review – an end of the deficit phase in 2017/18?
World market values under downward pressure
Hedge funds were net-short in New York in May
Mixed performance in domestic prices
US Dollar and Brazilian Real weaken
Special Focus – Brazil’s Centre-South 2017/18 crop season: what to expect?
Cane production revised downwards to 596 mln tonnes
Ageing cane, lower harvested area, marginally lower yields but higher sugar mix of 48%
OPEC and non-OPEC producers agree to extend oil production cuts…
… but oil prices kept in check by recovery in US shale oil
In Q1, grain prices increased but have since fallen, while cocoa values tumbled
World Fuel Ethanol
Global production and consumption to rise modestly
Higher mandated inclusion in US market
Brazilian output to contract
Higher production and use in smaller markets
Global trade to shrink in 2017
Bioplastics and Biochemicals
Global bioplastics for packaging industry expected to grow 17% per year from 2017-2022
Braskem’s sugarcane-based packaging to be used for coffee and personal care packaging
Angola’s Biocom to expand sugarcane bagasse-based electricity generation
Brazil’s biomass supplied 24,000 GWh of electricity to the national grid in 2016
Contraction in US HFCS offtake to continue
Uncertain future for HFCS exports to Mexico?
ADM to introduce new stevia and monkfruit sweeteners
Molasses prices driven by wider feedgrains markets.
Strong competition for low priced grains keeps molasses prices in check
New Chair for agriculture negotiations
Brazil to complain about China’s new anti-dumping sugar tariff?
EU advances negotiations with ASEAN, MERCOSUR, Mexico and Japan
TPP signatories discuss future without US
Pacific Alliance to strengthen ties with Asia and MERCOSUR
RCEP negotiations advance
Table of Contents i-iii Executive Brief 1 World Sugar Market 1 World Balance 2 Supply 2 Production 3 Brief(17)02 – Mid-term Review 12 Export Availability 13 Demand 13 Consumption 15 Imports Demand 17 Brief(17)03 – Trade Balance for Raw and White Sugar 18 World Market Events and Prices 21 Currency Movements 23 Domestic Markets and Prices 25 Brief(17)04 – Sugar Policy Developments 26 Special Focus 26 Brazil’s Centre-South 2017/18 crop season: what to expect? 29 Commodity Prices 31 World Fuel Ethanol 31 Overview 31 Production 34 Consumption 37 Ethanol Trade 38 Prices 41 Bioplastics and Biochemicals 42 Cogeneration 43 Alternative Sweeteners 43 High Fructose Corn Syrup 46 Intensive Sweeteners 48 Brief(17)05 - Alternative Sweeteners Revisited – a new ISO study 49 Molasses 51 WTO Update 52 Regional Trade Agreements 54 World Sugar Balance Estimates The views expressed in this document are those of the ISO Secretariat. They do not necessarily represent the views of the ISO Members.