Nordzucker - EU Sugar Market Update

Monday, November 8, 2021
After a late start of sowing, weather conditions and rainfall have been good for the main sugar producers over the summer for the crop 21/22, however sugar content remained disappointing low for quite some time. Lately the sunshine in September and October helped to improve. We have nudged our total production estimate for the EU27 block + UK higher to 17.25 mill. Mt (some 600 kto estimate for Isoglucose to be added. According to our projections for the coming season, Europe/UK will need to import in the same order magnitude. It is obvious that in a market which is a structured net importer the price levels should be trading closer / at import parity level going forward. The spot markets have meanwhile already reflected this and are trading at levels between 550 €/to in the beet belt and above 600 €/to in deficit areas.
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