US Gasoline Inventory Still Rising

Agriculture

India has approved a sugar export incentive programme of US$475mn (c.US$81.5/t) to help sugar exports from the country this year as domestic output is likely to be stronger. The measure could help sugar mills in the country to export as much as 6mt for the current marketing year that began on 1 October and keep the overseas market well supplied. ICE No. 11 sugar prices have softened by around 6.3% since making recent highs of US¢15.5/lb in mid-November on favorable weather in Brazil and prospects of higher sugar exports from India. Earlier this week, UNICA estimated that sugar production in Brazil’s Center-South region could increase 43.5% year-on-year to 38.4mt for the current year. However, sugar production in CS-Brazil could drop next year (2021/22) due to a fall in sugar-cane production and lower sugar content in cane.

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