Sugar
Statistical surplus diminished to 0.6 mln tonnes in 2018/19
World output to reduce by 2.2 mln tonnes
Lower production in a number of key producers including the EU, Brazil, Thailand, Russia and Pakistan
India - the world’s largest sugar producer for the second consecutive season?
World consumption to grow by 1.63% in 2018/19
Disappearance of nominal global trade surplus
High stocks environment is still not over
World prices hit bottom
Low volatility in currency markets
Mixed picture in domestic sugar markets
Special Focus – Spreads and dynamics around the current March/May
Can spreads reveal additional information in the market?
Commodity Prices
Brent Crude and WTI oil stage a comeback after end-of-year-lows
Higher corn crop in Argentina, China and Ukraine
Global wheat stocks projected decrease in 2018/19
Fuel Ethanol
Global production outlook for 2019 steady after big increase in 2018
Brazil industry maximises ethanol output while sugar prices remain weak
Expanded global ethanol trade sets new record for 2018
Indian government and industry combine to expand ethanol production
Bioplastics and Biochemicals
Total Corbion PLA plant starts up in Thailand
Novozymes partners with Carbios to commercialize biodegradable bioplastics
Cogeneration
In Brazil, biomass electricity sold to the national grid up in 2018
In India, bagasse-based electricity in 2018 above record established in 2015
Alternative Sweeteners
US HFCS offtake remains in decline, producers struggle with by-product values
EU isoglucose production grows in Poland but declines in most other producing countries
Molasses
Molasses prices remain flat and lag behind feed and grains values
Big switch towards domestic usage remains a threat to global molasses trade
WTO/UN COP Update
Push for increased transparency and notification requirements at WTO
UN COP24 heralds significant progress in implementation of Paris Agreement
RTAs
USMCA ratification delayed by US government shutdown
CPTPP came into force in December and EU-Japan FTA in February
i-iii Executive Brief 1 World Sugar Market 1 World Balance 2 Supply 2 Production 11 Export Availability 12 Demand 12 Consumption 14 Imports Demand 16 Brief(19)01 – Trade Balance for Raw and White Sugar 17 World Market Events and Prices 20 Currency Movements 22 Domestic Prices 24 Special Focus 24 Spread and dynamics around the current March/May 26 Commodity Prices 28 Fuel Ethanol 28 Overview 31 Production 34 Consumption 36 Ethanol Trade 38 Prices 41 Bioplastics and Biochemicals 42 Cogeneration 43 Alternative Sweeteners 43 HFCS / ISOGLOCOSE 46 Intensive Sweeteners 47 Molasses 50 WTO/UN COP 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.