Sugar prices reached a 10-month high in November due to a decline in sugar production as mills in Brazil processed more ethanol from sugar canes than sugar. In the second half of November, 67% of sugar cane was processed into ethanol compared with 63% for the same period last year. Sugar production during the same period fell 7% year on year to 704,100 tonnes.
Crude oil fell further in December to its lowest since June 2004. OPEC continued with its policy of producing more than 30 million bbl/d, while the US Federal Reserve raised interest rates by 0.25%.
Soyabean oil prices continued to rise due to increasing demand. Raised biofuel mandates in the US for 2016 and increasing imports to China and India, are weighing on current supplies.