  ethanol. For the past two seasons Brazil has struggled         million tonnes with dry weather and disease causing         season due to weather issues but in no meaningful    


       recovers next season. Despite the on-going pandemic  before the pandemic as the world begins to live with the virus. However, a possible global economic     with sugar taxes being introduced across the world.  to limit their intake of sugar and whether taxing sugar    


    has struggled to export its surplus over the past three  farmers much to the anger of other major producers.


Assuming a meaningful surplus for next season prices are unlikely to improve considerable from their current levels. Indeed, they could slip lower but it would seem unlikely to see a collapse to the levels of April. A recent  end of the year.


All the above is based on the current fundamental and   and no one knows the course the pandemic will take.      the cane crop as happened last year?


   


 E: howard.jenkins@admisi.com T: +44(0) 20 7716 8598


WTI WAS CLOSE TO $70 PER BARREL AND THE BRAZILIAN REAL WAS AT AROUND 3.75. THE FUNDS WERE AROUND 48K LOTS SHORT. THE DECLINE IN PRICES HAD BEEN TRIGGERED BY MASSIVE GLOBAL PRODUCTION IN THE 2017/18 SEASON.


17 | ADMISI - The Ghost In The Machine | Q3 Edition


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28