FlashMarket n°22 - 29/05/2009
From 25 to 29 May, raw sugar was trading at an average of 16.70 cts/lb (347$/t) for July delivery dates reaching a record high since July 2006. In London, white sugar was fetching 453 $/t (326 €/t) for August delivery on May 29. Raw and white sugars have risen by 24% and 27% respectively since the start of January.
This price rise can also be seen on the energy raw materials market (P.5). On Friday May 29, crude oil reached its highest price since November 2008, hitting 66 $/t a barrel for July early settlement dates, with gasoline stable at 51$/hl. American ethanol prices have also benefited from this hike in prices, reaching 47 $/hl, while prices on the Brazilian market settled at close to 34$/hl for anhydrous ethanol. The other raw materials markets are experiencing rises (P.6).
Meanwhile, the depreciation of the dollar against the other foreign currencies on the money markets (except for the Mexican peso) has tended to dampen the real rise in prices for producers in national currencies (P.8). By way of example, raw sugar prices in Brazilian real have appreciated by 19% since the start of the year as opposed to 24% in
dollars.
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