Friday, 22 January 2021
Positive macro-environment trends pushed commodities higher in January, driving the March 21 ICE 11 to a ‘life of contract’ high of 16.33 USc/lb.
Despite a new Indian export subsidy, a slow Thai crop indicates a tight supply of sugar in Q1. Q2 looks to be better supplied once the Brazil season begins.
Oil continues to support the market at $US56 a barrel, as tighter supply offsets global virus-based demand concern. Saudi Arabia has said it will cut output by 1 million barrels a day for February and March to stop inventory build-up.
Click here to read this month's QSL Market Update and Grower Pricing Update