The annual ISO London meetings, held in late November and early December, unfolded against the backdrop of weak sugar prices. A modest recovery in November was followed by a low-volume, range-bound market in December, reflecting the continued dominance of speculators who maintained short positions throughout 2025.
December saw a continued tailing off in Centre-South (CS) Brazil production while reports from the North-Northeast (NNE) region indicated higher diversion to ethanol and potential reductions in cane availability. Meanwhile, Thailand’s production is running behind schedule, and Russia’s beet processing industry struggled with lower sucrose recovery rates. The EU provided a brighter note, with beet yields exceeding expectations.