Market Seeks Direction
The market is currently seeking new direction with the NYCSCE No. 11 October 2003 contract now off the board. In this months review we also look at the relationship between domestic market prices and the world market and consider how these influence price.

European Union
The EU Commission has presented its views on moving the sugar regime forward along the lines of the June 2003 CAP reform. Quota cuts for the 2003/04 marketing year have been established.

The Raw Sugar Market
The market has drifted sideways in a narrow range though has made fresh lows. The October expiry provided the sole point of interest though this failed to ignite any sustained price improvement.

The White Sugar Market
White sugar trading conditions have been extremely subdued. Second hand values have been under pressure.

United States
Following the September 11 release of the WASDE estimates No. 14 prices advanced in heavy volume.

Sugar Miscellany
No. 5 White Sugar contract differentials