The Market in March 

A sharp drop in the ISA daily price around the February month-end, associated with the NY March expiry, was not overcome until the last days of March. The raw sugar average price consequently declined for a second consecutive month, while weak white sugar prices in early March also resulted in a month-on-month decline. Fundamentals remain broadly neutral, with Thailand production ending in line with the ISO’s projection, while Indian production is also coming close to the projected end-of-season figure of 31.7 mln tonnes of sugar. Weather in Brazil, and its impact on crop development, is the latest fundamental jigsaw piece, with little insight into yields available for now, but it will be a sugar-focused harvest season.