Sugar
Record global statistical surplus at 10.5 mln tonnes
Spectacular end of campaign in India and Thailand
A smaller global statistical surplus of about 6 mln tonnes in 2018/19
… but a possible end of the surplus phase in 2019/20
World market values remain under pressure of bearish fundamentals
Gradual recovery in white sugar premium
Hedge funds net short for more than a year
US Dollar strengthens
Domestic prices trended lower with the exception of the US and Russia
Special Focus: Brazil’s National Biofuels Policy - RenovaBio
Ambitious ethanol production targets laid out
Commodity Prices
Oil prices strengthen to multi-year highs
Agriculture prices in largest quarterly gain in last two years
World Fuel Ethanol
Brazil draws in more hydrous demand as gasohol reaches BRL 4/litre
US EPA discussions focus on year-round E15 blending
China’s increased blend rate supported by higher imports, but trade issues loom
Indian consumption disappoints, more measures in the pipeline
US exports hit new record in February
Bioplastics and Biochemicals
Australia’s Queensland University of Technology develops 5-point plan for sector
Total Corbion develops a range of PLA resins under the Luminy brand
Cogeneration
Brazil’s biomass power capacity growth slowing down
Alternative Sweeteners
US domestic offtake remains low
US HFCS producers squeezed by higher corn prices
EU isoglucose production quotas removed, output rises modestly
Increased product launches and stevia sales according to ISC
UK sugar levy has seen many soft drink recipes change
Molasses
EU prices hold firm, imports steady
Indian industry challenged by high molasses stocks following record harvest
Global molasses trade remains patchy
WTO Update
Substantive progress is beginning to be made on the subject of e-commerce
The WTO Trade Negotiations Committee considers the impact of dispute escalations
RTAs
NAFTA renegotiation stumble
EU – Mexico Agreement in Principle
EU – Merocsur sees little progress
i-iii Executive Brief 1 World Sugar Market 1 World Balance 2 Brief(18)02 – Mid-term Review 4 Supply 4 Production 12 Export Availability 14 Demand 14 Consumption 16 Import Demand 17 Brief(18)03 – Trade Balance for Raw and White Sugar 18 World Market Events and Prices 21 Currency Movements 23 Domestic Prices 25 Brief(18)04 – Sugar Policy Developments 26 Special Focus 26 Brazil’s National Biofuels Policy - RenovaBio 28 Commodity Prices 30 World Fuel Ethanol 30 Overview 30 Production 33 Consumption 35 Ethanol Trade 37 Prices 40 Bioplastics and Biochemicals 41 Cogeneration 42 Alternative Sweeteners 42 High Fructose Corn Syrup 45 Intensive Sweeteners 46 Molasses 49 WTO Update 50 Regional Trade Agreements 51 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.