Despite some improvement from a month ago (+ 8 EUR/t), the average "contractual" (as opposed to the "spot") price for EU white sugar [ex-mill basis] remained below 350 EUR/t at 342 EUR/t in December 2019.
With EU spot sugar prices reportedly above 450 EUR/t at present time, this situation suggests that millers "locked in" contractual sugar prices on a multi-annual basis, therefore preventing any significant price recovery since the beginning of the 2019/20 season.
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