date:Jan 05, 2016
the real in the short term, with the recent rally and our expectations of another in the first half of 2016, it appears that the worst is over. As such, we expect currency-related downside risk to sugar prices to continue abating.
Turning to the supply and demand balance, lower production estimates in Brazil, India, and Thailand have led us to increase our projected 2015-16 deficit from 1.26m tonnes, raw value to 2.31m tonnes, although this was partially offset by a slight reduction in expected