WORLD SUGAR MARKET in February 2023 

It took most of February for raw sugar futures to regain the peak seen on the last day of January. Mid-February saw the expiry of the March white sugar contract, with a modest, albeit premium, spread to the May contract. The month-end NY expiry saw a massive 200-point premium spread, equating to USD44/tonne, reflecting the reduced off-season availability from CS Brazil. The ISO Quarterly Market Outlook showed a 4.2 mln tonne global deficit in 2022/23 with a neutral outlook for prices in the next three months.