Thursday December 24, 2020 World sugar futures tested higher through a near-vacuum in true holiday conditions. March tested as high as 15.00 before settling seven higher at 14.90. The back months settled from nine to 16 higher. Outright volume was 37,067 lots – the lowest tally dating back to December 26th, 2018. On spread, March/May traded from 76 to 81 over and las77 over. May/July traded from 35 to 40 over and last at 36 over. Activity in the energy markets and in the Brazilian real was confined to levels worked over earlier in the week, with the BRL turning in an inside session.

Unica release updated data for the center-south crop today. The cane crush for the crop has now totaled 597 million tonnes of cane, 3.2 % higher than last crop and sugar production is 44.2 % high than last crop at 38.2 million tonnes while ethanol production is nine percent lower at 29.1 billion liters. For the crop to date 46.2 % of cane has gone to sugar production versus 34.5 % last season.

In the NAFTA region: US futures saw some year-end book squaring today – 134 March traded 28.40 and 50 May traded 28.75. Prices settled four lower in March at 28.35, 22 lower in May and from unchanged to four lower elsewhere.

The Year 2020 Will soon draw to a close So, give the “Bronx Cheer” While holding your nose

2021’s soon upon us And we hope that this means Putting an end To Covid-19

So, on the night before Christmas Near the end of the year Hope is replacing Dread, worry and fear

What have we here? Something not seen before People are traveling! “Away Messages” galore!!

They seem to be trying To get back to routine (but let’s not get too crazy, ‘til we’ve had the vaccine…)

Santa, keep the new skis And the family vacation What we’re wanting this year Is the inoculation.

So, in a few months As we set to our tasks We won’t have to distance Or wear #!@*^#! masks

And so up went the cheer From the community “Merry Christmas to all - And to all - herd immunity!”

Regards,

JSG Commodities This email address is being protected from spambots. You need JavaScript enabled to view it. (203) 853 3000 JSG Indications: Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Raws: 28.30 28.35 28.75 28.90 28.40 27.00 Mexican peso: 19.8671 Raws: “Fair value” #16 futures pre-close, or JSG estimate.

This report has been compiled for general informational purposes only. While efforts have been made to ensure accuracy, Jenkins Sugar Group, Inc. assumes no responsibility for errors and omissions.

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