HEADLINES
World Sugar Market
The 2022/23 surplus falls to 0.852 mln tonnes from 4.151 mln tonnes previously
Production declines to 177.365 mln tonnes, consumption rises to 176.513 mln tonnes
Global trade balance for 2022/23 narrows to a surplus of 0.339 mln tonnes
Market Price Update
Raw sugar futures market prices rose sharply in April
Speculative long-side interest in sugar remained steady, while index funds have liquidated long positions in recent weeks
Energy prices fall 20% in last three months, grains prices trend lower while other food markets rise
USD weakens against many currencies
EU domestic sugar prices reach a record high in February
Domestic prices in India stabilised following higher government-set sales quotas
World Fuel Ethanol Market
Global ethanol output in 2023 projected at 111.84 bln litres, up from 109.4 bln litres in 2022
World consumption projected to rise to 107.5 bln litres in 2023, up from 106.9 bln litres
US ethanol production set to decline marginally despite increase in gasoline use
Brazilian production set to rise in 2023, owing in large part to corn ethanol output
India blend expected to reach a record 12% in 2023, from 10% in 2022
Co Product Markets
Global molasses production (excluding Brazil) forecast to fall in 2022/23
Divergence between sugar and cane molasses values reappears
Molasses prices remain supported by tight export availability
A tight EU beet molasses market sees persistently high prices
More cane juice for ethanol production will limit India’s molasses exports
Both EU and US imported more molasses in 2022
In Brazil, total bagasse-based electricity sold in 2022/23 falls 6%
In India, total bagasse-based energy generation in 2022/23 down 4%
TotalEnergies Corbion partners with Coexpan to produce recycled PLA cup
Lummus Technology and Citroniq Chemicals develop green polypropylene
Bioplastics International received a US “Patent Pending” for sugarcane PVA
Alternative Sweeteners
Stagnant global HFS production, US HFCS 2023 production to fall
Lacklustre HFCS exports to Mexico
EU isoglucose production and use in 2022/23 downgraded
China HFCS more competitive against higher-priced sugar
Sweet Leaf partners with American Diabetes Association
Major carbonated soft drink manufacturers see sales growth in Zero sugar brands
Stevia shows lower GHG emissions than sugar
WTO Update
Members urged to accelerate efforts to find common ground in agricultural negotiations
Food security top of the agenda, centrepiece for MC13
RTAs and Sugar Provisions
Executive Brief World Sugar Market World Balance Production Consumption Trade Exporters Importers Fundamental Outlook Brief(23)01 – Trade Balance for Raw and White Sugar Market Price Update Futures, spreads and arbitrage Freight Commodities and Currencies Domestic Prices World Fuel Ethanol Market Overview Price Dynamics Carbon Markets Production Consumption Co Product Markets Molasses Bagasse-based Cogeneration Bioplastics & Biochemicals Alternative Sweeteners HFCS / Isoglucose Intensive Sweeteners Low Calorie Sweeteners WTO Update Regional Trade Agreements and Sugar Provisions 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.