Every four of five years or so, the EU sugar market changes quite fundamentally – political reasons aren’t always the cause – market factors may also give rise to fundamental change as opposed to short term market volatility. Is market is changing again, four years after the last big change in 2017 (the end of quotas)? Politics are a cause – the Green New Deal, Farm 2 Fork, etc. – but also the markets seem to be turning in quite a fundamental way, including the freight and ethanol markets, not to mention the HGV driver shortage, and it will be really interesting to see what areas EU+UK sugar beet farmers will plant next year. I’d also note that we’re entering a new phase for the market with very low stocks. Meanwhile, we’ve seen limited EU buying from ACP countries when prices were cheap – now they’re getting expensive! I’m not quite sure where we’re heading yet – we don’t have the blueprint of a European Commission proposal as we used to – but I think we are changing direction!