Fluctuations in Raw Sugar Prices and Product Selling Prices

「The overseas raw sugar market opened in the high 18-cent range per pound and rose to the mid-19-cent range shortly afterward, influenced by factors including the appreciation of Brazil's real. It subsequently fell temporarily into the 14-cent range on expectations of improved sugarcane production in Brazil and India, then fluctuated moderately and ended the interim consolidated accounting period in the low 16-cent range.」

「The overseas raw sugar market opened in the high 22-cent range per pound and, amid stable production in Brazil, the world's largest sugarcane producer, temporarily fell below 18 cents. It subsequently rose gradually in tandem with speculative buying to cover short positions and a recovery in commodity markets, including crude oil, but fell to the mid-17-cent range in late August on expectations of increased production in India and Thailand. In September, it surged to the high 23-cent range on concerns about lower production due to drought and wildfires in Brazil, and ultimately ended the interim consolidated accounting period in the high 22-cent range.」

「The overseas raw sugar market opened in the low 22-cent range per pound, then surged on reports of a sharply lower production outlook due to adverse weather in Brazil, the world's largest sugarcane producer, reaching the mid-27-cent range in late April.」

「Overseas raw sugar prices started in the low-22-cent range per pound and surged on reports of substantially reduced Brazilian production due to weather concerns in Brazil, reaching the high-27-cent range in late April. Although prices temporarily turned downward on relief over the recovery in Brazilian supply, they rose again in late August on expectations of an Indian ban on sugar exports the following year due to drought and reports of reduced production in Thailand, reaching the 28-cent range. In late November, a substantial upward revision to Brazilian sugar production caused prices to plunge into the 20-cent range, and they ended the third quarter-to-date period in the mid-20-cent range.」

「Overseas raw sugar prices started in the low-22-cent range per pound and surged on reports of substantially reduced Brazilian production due to weather concerns in Brazil, the world's largest sugarcane producer. They reached the mid-27-cent range in late April, a high level not seen for about 11 and a half years. Although prices temporarily turned downward from mid-June on relief over the recovery in Brazilian supply, they rose in late August after reports that India, the world's second-largest sugarcane producer, affected by drought, was expected to ban sugar exports in the following year, ending the second quarter-to-date period in the low-26-cent range.」

「Overseas raw sugar prices started in the low-22-cent range per pound and surged on reports of substantially reduced Brazilian production due to weather concerns in Brazil, the world's largest sugarcane producer. They reached the mid-27-cent range in late April, a high level not seen for about 11 and a half years, before turning downward from mid-June on relief over the recovery in Brazilian supply and ending the first quarter-to-date period in the high-22-cent range.」

「Overseas raw sugar prices started in the mid-19-cent range per pound and reached above 20 cents in mid-April against a backdrop of expectations for reduced Brazilian production due to adverse weather and elevated international commodity prices following the situation in Ukraine. Prices then temporarily fell to the mid-17-cent range amid expectations of an economic slowdown and weak consumption resulting from global economic uncertainty. From November, prices rose on expectations of reduced production in major Northern Hemisphere sugar-producing countries and remained elevated, reaching the low-22-cent range at the end of February, their highest level in about six years, before ending the consolidated fiscal year in the low-22-cent range.」

「Overseas raw sugar prices started in the mid-19-cent range per pound and reached above 20 cents in mid-April against a backdrop of expectations for reduced Brazilian production due to adverse weather and elevated international commodity prices following the situation in Ukraine. Prices then gradually turned downward amid expectations of an economic slowdown and weak consumption resulting from global economic uncertainty, falling to the mid-17-cent range. From November, prices rose on factors including adverse weather when Thailand began sugar production, temporarily reaching the low-21-cent range, their highest level in about six years, before ending the third quarter-to-date period in the low-20-cent range.」

「Overseas raw sugar prices started the period in the mid-19-cent range per pound and reached above 20 cents in mid-April against a backdrop of expectations for reduced Brazilian production due to adverse weather and elevated international commodity prices following the situation in Ukraine. Prices then saw sharp short-term rises and falls within the high-18-cent to high-20-cent range amid expectations of an economic slowdown and weak consumption resulting from global economic uncertainty. They temporarily fell to the mid-17-cent range and ended the second quarter-to-date period in the mid-18-cent range as positive and negative factors related to expectations for the COVID-19 pandemic to subside intersected.」

「Overseas raw sugar prices started the period in the mid-19-cent range per pound and temporarily reached above 20 cents amid supply concerns, including delays to the start of sugarcane crushing in Brazil, the world's largest exporter, due to adverse weather. Prices then saw sharp short-term rises and falls within the high-18-cent to high-20-cent range as inventories increased following higher production in Northern Hemisphere sugar-producing countries and speculative funds flowed out amid concerns about interest rate hikes to contain global inflation, ending the first quarter in the mid-18-cent range.」

「Overseas raw sugar prices started the period in the high-14-cent range per pound and rose on expectations of an economic recovery as COVID-19 vaccinations became more widespread. In August, concerns about reduced sugarcane production in Brazil due to adverse weather, together with rising international commodity prices including crude oil, pushed prices into the 20-cent range for the first time in about four and a half years. Prices subsequently fluctuated between the high-18-cent and high-20-cent ranges on factors including countries' responses to new COVID-19 variants, ending the third quarter in the high-18-cent range.」

「In August, raw sugar prices surged due to concerns about reduced Brazilian production caused by adverse weather and rising international commodity prices, including crude oil, reaching the 20-cent range in mid-August for the first time in about four and a half years before ending the second quarter in the high-19-cent range. Domestic market prices were also affected by the surge and elevated level of overseas raw sugar prices, the weaker yen, and higher global ocean freight costs during the COVID-19 pandemic. Following a ¥6 increase in shipping prices in July, they ended the second quarter at ¥198–¥199.」

「Overseas raw sugar prices started the period in the high-14-cent range per pound and rose on expectations of an economic recovery as COVID-19 vaccinations became more widespread. After reports in May of delays in production in Brazil, the world's largest exporter, prices exceeded 18 cents. Following a correction, they fluctuated moderately, mainly in the 16- to 17-cent range, and ended the first quarter in the high-17-cent range.」

「Overseas raw sugar prices started the period in the low-10-cent range per pound and immediately plunged to the 9-cent range, their lowest level in about 13 years. Thereafter, as views on COVID-19 trends and global sugar supply and demand intersected, prices followed a moderate upward trend. … They reached the high-18-cent range in February, their highest level in about four years, before settling and ending the period in the high-14-cent range.」

「Overseas raw sugar prices plunged to the 9-cent range in April, their lowest level in about 13 years, and then ended the third quarter in the mid-15-cent range as views on COVID-19 trends and global sugar supply and demand intersected. …」

「Overseas raw sugar prices started the period in the low-10-cent range and entered a clear downward trend against a backdrop of declining demand associated with the spread of COVID-19. Although they plunged to the 9-cent range in the latter half of April, their lowest level in about 13 years, prices recovered to the 10-cent range before gradually turning upward from mid-May as speculative funds flowed in amid optimism about a recovery in the global economy, ending the first quarter in the high-11-cent range.」

「In its core sugar business, the group's raw material, raw sugar, is a foreign-currency-denominated commodity. Market prices may fluctuate significantly due to foreign exchange movements, weather in Brazil and Thailand, the producing countries, and sugarcane growing conditions. Product prices may also fluctuate as market conditions change, including shifts toward alternative sweeteners. If raw material price changes cannot be appropriately reflected in product prices, or if there is a time lag between raw material price changes and product price revisions, factors such as a higher cost ratio could affect the group's operating results and financial position.」

「Overseas raw sugar prices started the period in the 12-cent range and remained capped by abundant inventories, falling to the 10-cent range in mid-September, their lowest level in about a year. Prices then turned upward as major producing countries successively forecast production cuts for the following year, and the third quarter ended in the 13-cent range.」

「Overseas raw sugar prices started the period in the 12-cent range and fell to the low-11-cent range after reports of abundant inventories in the Northern Hemisphere following the end of crushing. Prices then recovered to the 12-cent range, but successive reports of expanding supply and demand slack, including India's export promotion policy and weak demand in major consuming countries, pushed them down to the mid-10-cent range in mid-September, their lowest level in about a year. Prices subsequently recovered on speculative fund inflows and ended the second quarter in the high-11-cent range.」

「Overseas raw sugar prices started the period in the mid-12-cent range and moved in the high-12-cent range amid elevated international commodity prices. From late April through May, reports of abundant inventory in the Northern Hemisphere after the end of crushing made the weak trend more pronounced, and prices reached the low-11-cent range. In June, prices rose again to the mid-12-cent range on reduced Brazilian export capacity due to a stronger real and the inflow of speculative funds.」

「Overseas raw sugar prices started the period in the mid-12-cent range per pound and temporarily fell to the 10-cent range as expectations of easing global supply and demand grew. Although they recovered to the high-12-cent range, prices fluctuated sharply through August amid steady Brazilian production and rising inventory ratios, and entered the 9-cent range in the latter half of September, near a 10-year low. Prices then surged temporarily to 14 cents on speculative fund inflows, but soon turned downward again, after which they moved in a narrow range centered around 12 cents and ended the period in the mid-12-cent range.」

「Overseas raw sugar prices started the period in the low-12-cent range and remained weak as expectations of easing global supply and demand grew, temporarily falling to the 10-cent range. Although prices briefly recovered to the high-12-cent range in the latter half of May, steady Brazilian production and rising inventory ratios pushed them into the 9-cent range in the latter half of September, near a 10-year low. Prices then temporarily exceeded 14 cents on speculative fund inflows, but the downward trend strengthened toward the end of the period, and the third quarter ended in the low-12-cent range.」

「Overseas raw sugar prices started the period in the low-12-cent range and temporarily fell to the 10-cent range as expectations of easing global supply and demand grew. Although prices recovered to the high-12-cent range by the end of May, favorable export conditions resulting from steady Brazilian production and currency depreciation weighed on them, and they reached the 9-cent range in the latter half of August, a 10-year low. Prices later rose temporarily to the high-11-cent range due to speculative fund inflows, but remained soft and ended the period in the mid-10-cent range.」

「Overseas raw sugar prices started the period in the mid-12-cent range and plunged to the high-10-cent range by the end of April as expectations of easing global supply and demand grew. Prices then gradually rose on higher crude oil prices and a shift toward a higher proportion of ethanol production in Brazil, reaching the high-12-cent range again. With global sugar inventories remaining elevated, prices continued to face resistance and ended the first quarter in the high-11-cent range.」

「Overseas raw sugar prices started the period in the high-16-cent range and plunged on expectations of easing global supply and demand, falling to the mid-12-cent range at the end of June. Although prices subsequently fluctuated between 13 cents and the mid-15-cent range, they remained within that range and ended the third quarter in the low-15-cent range.」

「Overseas raw sugar prices started the period in the high-16-cent range and temporarily fell to the low-15-cent range amid strong Brazilian crushing activity. They then plunged on expectations of easing supply and demand in the latter half of May. Prices continued declining in line with weak international commodity markets, including crude oil, and ended the first quarter in the mid-13-cent range.」

「Overseas raw sugar prices started the period in the mid-15-cent range and continued rising on expectations of tight global supply and demand, exceeding 20 cents in June and surging into the low-23-cent range in October with additional support from speculative fund inflows. After expectations of improving sugar supply and demand emerged around mid-February, prices plunged, falling below 18 cents in mid-March and ending the period in the high-16-cent range.」

「Overseas raw sugar prices started the period in the mid-15-cent range and gradually rose on expectations of tight global supply and demand, reaching the low-23-cent range temporarily with additional support from speculative fund inflows. After mid-October, however, prices turned downward as expectations of easing supply and demand emerged. A weaker Brazilian real resulting from the global dollar uptrend following the U.S. presidential election, along with fund outflows from the raw sugar market, also weighed on prices. By mid-December, they had fallen below 18 cents, and after a correction, the third quarter ended in the mid-19-cent range.」

「Overseas raw sugar prices started the period in the mid-15-cent range and gradually rose on expectations of tight global supply and demand and the inflow of speculative funds into commodity markets, reaching the high-20-cent range in June. In July, stronger expectations of increased Brazilian production temporarily halted the upward trend. However, as expectations grew that the increase in Brazilian production would level off, prices, supported by further inflows of speculative funds, reached 23 cents and ended the second quarter in the mid-22-cent range.」

「Overseas raw sugar prices started the period in the mid-15-cent range and rose into the 16-cent range amid expectations of tight supply and demand and appreciation of Brazil's real. Prices then reached 17 cents as speculative funds flowed into commodity markets, and continued rising due in part to reduced Brazilian export capacity. They surged temporarily to the high-20-cent range in June before ending the first quarter in the low-20-cent range.」

「In its core sugar business, the group's raw material, raw sugar, is a commodity whose market price can fluctuate significantly. Product prices may also fluctuate due to competition and market conditions, potentially affecting the group's operating results and financial position.」