Sugar
World statistical deficit for 2019/20 upgraded to 6.1 mln tonnes
Global output to decrease by 5.5 mln tonnes
Consumption grows by 1.3%
Considerable stocks still overhanging the market
World prices have been locked in a narrow range
Hedge funds remain bearish
Mid-term review – one more deficit season in 2020/21?
Brazilian Real remains above BRL4.00/USD
Indian domestic prices higher, despite ample supplies
Special Focus – A broader look at fermentation
Alternative fermentation outputs are offering some interesting opportunities
Commodity Prices
Oil prices show recovery
Agricultural commodity prices remain under pressure
Fuel Ethanol
Global production increases projected for 2019 but not as large as in 2018
2020 production projections point to small contraction
Consumption estimate for 2019 shows an 5% increase on previous year
Consumption outlook supported by US E15 prospects, shifting consumer demand in Brazil and
growth in Asia
Bioplastics and Biochemicals
Bioplastics can help plastics “bad image”
PHA production in Europe held back by legislative uncertainty
Cogeneration
Angola’s Biocom generates record electricity volumes this year
India’s 2018/19 season finishes with a 3% increase in electricity generated over last season
Alternative Sweeteners
US HFCS market share is expected to decline further in 2019/20
Corn prices and by-product values hamper wet milling margins
India applies countervailing duty on Chinese saccharin imports
Molasses
Domestic molasses use increases while production declines further in 2019/20
EU-landed cane molasses prices converge with equivalent raw sugar prices
Asian imports rise on the back of higher demand from the Philippines
WTO Update
Preparations ahead of the 2020 ministerial conference accelerate
RTAs
EU-Mercosur FTA ratification in a political impasse
RCEP negotiations are finalised by 15 out of 16 member countries, India has significant outstanding
issues
i-iii Executive Brief
1 World Sugar Market
1 World Balance
2 Brief(19)06 – Mid-term Review
3 Supply
3 Production
11 Export Availability
13 Demand
14 Consumption
15 Imports Demand
17 Brief(19)07 – Trade Balance for Raw and White Sugar
18 World Market Events and Prices
22 Currency Movements
24 Domestic Prices
26 Brief(19)08 – Sugar Policy Developments
27 Special Focus
28 A Broader Look at Fermentation
30 Commodity Prices
32 Fuel Ethanol
32 Overview
32 Production
34 Consumption
34 Trade
35 Prices
37 Developments in Selected Countries
40 Bioplastics and Biochemicals
41 Cogeneration
42 Alternative Sweeteners
42 High Fructose Corn Syrup
45 Intensive Sweeteners
46 Molasses
50 WTO Update
51 Regional Trade Agreements
52 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.