World Perspectives
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How Sweet It Isn't

Global surplus sugar stocks are at their lowest since 2010/11 and futures prices are at their highest level in six years. Yet global import demand continues to expand at around 1.8 percent each year. Brazil is the world’s largest sugar exporter, and it will begin harvesting a crop that is at least 7 percent larger than last year’s drought stressed production. Exports are forecast to rise by nearly 9 percent. While Brazil has switched to producing sugar more for food than ethanol, India is the world’s second largest exporter of sugar, and it is switching its emphasis to ethanol.  Notably, the global area dedicated to sugar production has declined in recent years. Sugar beet area is down around 10 percent and land harv...

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Summary of Futures

May 23 Corn closed at $6.4725/bushel, down $0.01 from yesterday's close.  May 23 Wheat closed at $6.9975/bushel, up $0.0175 from yesterday's close.  May 23 Soybeans closed at $14.6775/bushel, up $0.255 from yesterday's close.  May 23 Soymeal closed at $457.9/short ton, up $11.9 f...

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