Tuesday, 23 November 2021
In this week's QSL Market Update:
It was a volatile and exciting week for raw sugar ICE 11 prices which whipsawed across a 100 point range and reached life-of-contract highs from May22 through Mar24.
There is some positivity over next year’s Brazil crop due to good rain in cane growing districts, with further falls expected into December.
Energy prices declined this past week with Brazilian hydrous ethanol prices falling roughly 7% from month highs and crude oil dropping 9%, causing the Brazilian real to drop 4% respectively.
The Indian harvest is reportedly off to a strong start as the Indian Sugar Millers Association published a record high of 2.09 million mt of sugar produced at mid-November.
The Thai Sugar Millers Corp (TSMC) predicts a cane output of 90 million tonnes this season, up nearly 30% year-on-year.
The AUD moved from a high of 73.70 US cents on Monday, down to a low on 72.30 US cents on Friday.
Click here to read the full market update.