HEADLINES
World Sugar Market
The 2022/23 surplus falls to 4.151 mln tonnes from 6.185 mln tonnes previously
Production declines to 180.431 mln tonnes, consumption rises to 176.280 mln tonnes
Global trade balance for 2022/23 narrows to a surplus of 0.685 mln tonnes
Market Price Update
Raw sugar futures market prices rose sharply in mid-January
Speculative long-side interest in sugar revived, although no statistics available since January 24th
Energy prices fall from all-time highs in 2022
Agricultural commodity prices show mixed results, with corn prices trending up
USD weakens against many currencies
EU domestic sugar prices rise to the highest level in since 2013
Domestic sugar price in Brazil falls in January, despite off-crop period
World Fuel Ethanol Market
Global ethanol output in 2023 projected at 111.8 bln litres, up from 109.4 bln litres in 2022
World consumption projected to rise to 106.9 bln litres in 2023, up from 104.2 bln litres
US production set to decline marginally despite small increase in gasoline use
Brazilian production set to rise in 2023
India blend to reach a record 12% in 2023, from 10% in 2022
Co Product Markets
Global molasses production (excluding Brazil) forecast to rise only slightly in 2022/23
Divergence between sugar and cane molasses values dissipates
Molasses prices to remain supported by tight export availability in 2023
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 falls 9%
In India, total bagasse-based energy generation in 2022 up over 11%
Global bioplastics production capacity to rise from 2.23 mln tonnes in 2022 to 6.3 mln in 2027
EU adopts policy framework for biobased plastics
Braskem to invest in PP plant in US and Futerro to build PLA plant in France
Alternative Sweeteners
No step-up in Global HFS production
US HFCS 2023 production to fall due to shrinking domestic offtake and lacklustre exports to Mexico
Increasing use of sugar at the expense of HFCS in the US domestic market
China HFCS more competitive in 2022
OObli’s fermentation Brazzein in first food product
Designer sweet protein - Sweelin – produced using precision fermentation
ASR Group and Bonumose announce commercial production of Tagatose through fermentation
WTO Update
New Chair of the Committee on Agriculture to build momentum on negotiations
New working group on food security convened for first time
RTAs and Sugar Provisions
Implementation of AfCTA single continental market delayed
EU sugar industry argues against affording additional access to Australian sugar
Cambodia-South Korea FTA now in force
Ecuador-China trade deal
Brazil pressures for EU-MERCOSUR FTA ratification
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 Cogeneration
Bioplastics & Biochemicals
Alternative Sweeteners
HFCS / Isoglucose
Intensive 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.