|Day's Range||12.98 - 13.24|
The world's biggest beverage makers, Coca-Cola and PepsiCo Inc, are responding to shifting consumer tastes by tweaking ingredients and experimenting with new flavors that are focused more on health conscious consumers. Chief Executive Officer James Quincey said Coke Zero Sugar sales witnessed a double-digit percentage rise, while its new orange-vanilla Coke soda was also a hit. Sales of carbonated drinks rose 1 percent, driven by strong performance of its Coke brand, while smaller, immediate consumption packages of its flavored water and sports drinks drove a 6 percent sales increase in the business.
NEW DELHI (Reuters) - Indian sugar mills have contracted to export 2.7 million tonnes of sugar since the current season began on Oct. 1, a leading trade body said on Thursday.
Production for the year starting Oct. 1 may be 8 million tons, down at least 25 percent from this year’s output, said Sanjay Khatal, managing director of the Maharashtra State Co-operative Sugar Factories Federation Ltd. That would be the least since 2016-17, when production almost halved. Production this year is likely to exceed 10.7 million tons, he said.
Commodities house Louis Dreyfus Company (LDC) announced a new chairman on Tuesday for its loss-making Brazilian sugar subsidiary Biosev, which has triggered other management changes at the group. Adrian Isman will take over as Chairman of Biosev with immediate effect, replacing Patrick Treuer who will remain on Biosev's board as vice-chairman while focusing on his role as LDC's Chief Strategy Officer, the group said.
Brazil's center-south region produced 26.500 million tonnes of sugar in the 2018/2019 crop, down from 36.060 million tonnes in the prior harvest, cane industry group Unica said on Tuesday. Mills in the ...
Brazil's center-south region produced 26,500 tonnes of sugar in the 2018/2019 crop, down from 36,060 tonnes in the prior harvest, cane industry group Unica said on Tuesday. Mills in the main cane belt ...
Isman will replace Patrick Treuer, who has stepped down as Biosev's Chairman to focus on his role as LDC's Chief Strategy Officer, the group said in a statement. Isman will retain his roles as Head of North America at LDC and Chairman of Calyx Agro Ltd. At the same time, Anthony Tancredi will replace Isman as head of LDC's Grains Platform, while Enrico Biancheri will take over Tancredi's previous role as head of the Sugar Platform.
MSM Malaysia Holdings Bhd. is nearing the final stages of discussions to set up partnerships in China’s downstream sugar industry, Executive Director Khairil Anuar Aziz said. The refiner is looking to sell sugar for popular snacks such as bubble tea, health drinks and bread, as well as healthier sweeteners, condensed milk and molasses used in alcohol. There’s “opportunity if you really blend it with the current lifestyle of people” in China, Khairil said in an interview at the company headquarters in Kuala Lumpur last week.
Spot sugar prices in the European Union are recovering from last year's record lows as world prices languish, prompting a pick-up in imports to one of the few global regions where output is slumping. The EU sugar market is restructuring, with Europe's biggest sugar refiner Suedzucker planning to shut five plants next season in a bid to combat overproduction, which soared in 2017/18 after the EU scrapped output and export quotas. Spot EU white sugar prices were at 422 euros ($474) a tonne in late March, according to price provider S&P Global Platts, while global white sugar prices on ICE are currently at around $330 a tonne, not far off the 2018 decade low of $307.50.
The country has swung from being the world’s top importer of raw sugar to having excess supplies to offload as it improved beet refining and taxed imports to aid domestic producers. While Russia is the world’s second-biggest beet sugar producer, it isn’t as efficient at processing as other suppliers, meaning its costs are much higher. “That Russia has reached self-sufficiency for the long term is for sure,” said Sergey Gudoshnikov, a senior economist at the International Sugar Organization in London.
World food prices were broadly steady in March, with a jump in dairy prices offset by drops in cereal, vegetable oil and sugar price quotations, the United Nations food agency said on Thursday. The Food and Agriculture Organization's (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 167.0 points last month up from 166.8 in February. The FAO dairy price index jumped 6.2 percent from February's value, driven by strong import demand for butter, whole milk powder and cheese.
Although we knew a comedown was in store, a fourth-quarter GDP revision suggests that the sugar crash is maybe a little harsher than expected.
The sugar mills are facing a cash crunch as they also have to pay stipulated prices to buy cane from farmers at a time when there is a glut of sugar, and they are heavily in arrears in those payments. Last month it raised the minimum selling price (MSP) of sugar to 3,100 rupees ($45.01) per 100 kg from 2,900 rupees but despite that order several mills sold sugar below the MSP, which threatens to undermine the initiative. "Sugar mills of your state may be advised to strictly adhere to directives of Government regarding MSP of white/refined sugar and action may be taken for violation of Sugar Price (Control) Order," the federal food and public distribution department said in a March 20 letter to state cane commissioners.
A likely delay in the start of Brazil's center-south cane harvest may catch some New York sugar futures players on the wrong foot, forcing those operators to cover positions, according to analysts and commodity traders. Although Brazil's 2019/20 center-south cane crop officially starts in April, many mills begin crushing earlier if their cane is ready. The late rainfall may lead some mills to hold off crushing to let the cane turn that moisture into better agricultural yields.
Farmers in western Europe have begun sugar beet planting, with first indications pointing to a drop in area for the next harvest after a price slump fuelled by the end of European Union production quotas. The market downturn has prompted Europe's biggest sugar refiner Suedzucker to announce the closure of several factories by 2020, which could lead farmers in affected zones to make further cuts to beet planting next year. This year's expected decline in planting should curb EU production and help to turn a global sugar surplus that has been pressuring prices into a net deficit, analysts say.
Rabobank on Wednesday forecast there would be a global sugar deficit of 4.3 million tonnes in 2019/20 following a small surplus of 1.1 million in the prior season. The bank, in a quarterly report, said the deficit was driven partly by projected declines in output in India, Thailand and the European Union. Sugar production in Brazil was, however, expected to rise to between 28.0 and 29.0 million tonnes, from 26.5 million for 2018/19.
Brazil's Raízen Energia SA, the world's largest sugar maker, has hedged more than 60 percent of sugar sales for the 2019/2020 season, Chief Executive Officer Luis Henrique Guimarães said on Tuesday. Speaking at an event hosted by the company in São Paulo, Guimarães said sugar sales were hedged with prices 15 percent above last season. Last year, even with Brazil "withdrawing almost 10 million tons of sugar from the market," he said, there was a global surplus of sugar that put pressure on the commodity prices.
Sugar merchant Alvean's Chief Executive Gareth Griffiths has decided to step down and will be replaced by Paulo Roberto de Souza, the company said on Tuesday. The Geneva-based merchant said that de Souza, who was CEO at Brazilian sugar and ethanol company Copersucar for nine years, had been on the board of directors since the company's inception in 2014. Alvean, one of the world's largest sugar traders, is a joint venture formed by U.S. agricultural group Cargill and Brazil's Copersucar.
Sugar merchant Alvean said on Tuesday that Chief Executive Officer Gareth Griffiths was stepping down and would be replaced by Paulo Roberto de Souza. The company said in a statement that de Souza, who was CEO at Brazilian sugar and ethanol company Copersucar for nine years, had been on the board of directors since the company's inception in 2014. Alvean, one of the world's largest sugar traders, is a joint venture formed by U.S. agricultural group Cargill and Brazil's Copersucar.