European sugar spot remains high despite harvest progress

S&P Platts
Monday, November 15, 2021
Low carryover stocks from the previous season, which has tightened the sugar market in the past months, continue to support spot prices despite the harvest progresses and the availability of the new crop. This is also being reflected in the prices in the deficit markets in Southern Europe. Mediterranean Europe prices increased by Eur26/mt on the week to be assessed at Eur609/mt on Nov. 5, crossing the Eur600/mt mark for the first time since April 2017, Platts data showed. In this context, S&P Global Platts Analytics expects domestic prices to remain at a high level in the coming months, considering that the market remains tight. The low sugar content means that this season's production won't be as high as originally expected. Moreover, with world prices also at high levels, this will give extra support to domestic values as it will keep the import parity above them.
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