Sugar is a global commodity, with almost 180 million metric tons being produced in more than 120 countries each year. Though much of the sugar produced by these countries is consumed locally in food products or, increasingly, for ethanol production, the largest producing countries are often exporters as well and in total contribute 60-70 million metric tons delivered into the global market each year.

1. GLOBAL SUGAR
A COMPLEX MARKET THAT REQUIRES A
FIT FOR PURPOSE CTRM SOLUTION
WHITEPAPER
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2. A ComTechAdvisory Whitepaper
Global Sugar - A Complex Market that Requires a Fit for Purpose CTRM Solution
SUGAR – A CRITICAL AND COMPLEX
GLOBAL MARKET
Sugar is a global commodity, with almost 180 million metric tons being produced in more than
120 countries each year. Though much of the sugar produced by these countries is consumed
locally in food products or, increasingly, for ethanol production, the largest producing countries
are often exporters as well and in total contribute 60-70 million metric tons delivered into the
global market each year.
Raw sugar, also known as centrifugal sugar, is the
primary traded form and is produced from either sugar
cane or sugar beet. In any given year, 70-80% of
sugar is produced from sugar cane grown in tropical
countries, with the remaining 20-30% is produced
from sugar beet, a root crop grown mostly in northern
temperate zones.
Processed sugar comes in a wide variety of forms.
The most common, and the most refined form, is
granulated sugar, also called table sugar. Granulated
sugar with larger crystals is called coarse sugar; with
smaller crystals, it is called superfine sugar. Pearl
sugar is composed of conglomerates of sugar particles.
Brown sugars in various color ranges are defined by
the amount of molasses present within them and can
range from bright yellow to dark brown. Specialty sugar
types include powdered sugar (contains cornstarch),
demerara-style sugar (light brown sugar with large
crystals coated with molasses), muscovado sugar
(stickier, coarse brown sugar produced at an early
stage of refining), and turbinado-style sugar (partially
purified, semi-refined crystal brown sugar). True raw
sugar refers to partially purified sugar that is soft and
brown and contains molasses and some impurities.
The primary market for sugar has traditionally been the
food industry, with sugar used as a sweetener and to
add texture and decoration to food products, including
baked goods, cereals and beverages. However, within
the last few decades, and with increasing focus on
ESG, sugar has become an important feedstock in the

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production of ethanol, particularly in the largest sugar
producing countries.
The wholesale supply chain of sugar, from growing to
consumption, is a geographically diverse (spanning
120 countries) and is comprised of a complex matrix
of growers, millers, refiners, traders, distilleries,
processors, marketers and industrial consumers.
Brazil, the world’s largest producer of sugar, produced
over 38 million tons of sugar in 2023, which accounts
for around 21% of the total global production. The
country also was the largest exporter of sugar in 2013,
shipping more than 28 million tons, or about 43% of the
worldwide sugar export. In recent years, a large portion
of the sugar produced in Brazil is used to produce
ethanol, a crucial component of both the country’s push
to lower greenhouse gas emission and of the Brazilian
export economy. Though Brazil also produces ethanol
from corn, the volume of sugar available for export in
any given year can be heavily influenced by the balance
between global fuel prices and global sugar prices.
Additionally, given the concentration of sugar cane
plantations in the middle of the country, local adverse
weather conditions which reduce crop yields can
significantly impact global sugar prices.
India is the second largest sugar producer and
though the largest consumer of sugar, has historically
ranked the second or third largest exporter alongside
Thailand. In 2023, India accounted for 6,500 million
tons in exported volume. However, like Brazil, India
is increasingly looking to expand the country’s use
of ethanol as a motor fuel and with recently passed
legislation, India’s ethanol blending has reached
11.5%, with the government target is to reach 20%
by 2025. Additionally, the country is instituting limits
Rank Country 2018/19 2019/20 2020/21 2021/22 2022/23
2023/24
(FCST)
1 Brazil 29,500 30,300 42,050 35,450 38,050 42,010
2 India 34,300 28,900 33,760 36,880 32,000 36,000
3 European Union 16,750 17,040 15,216 16,497 14,899 15,475
4 Thailand 14,581 8,294 7,587 10,157 11,040 11,200
5 China 10,760 10,400 10,600 9,600 9,000 10,000
6 United States 8,164 7,392 8,376 8,307 8,420 8,369
7 Pakistan 5,270 5,340 6,505 7,560 6,860 7,110
8 Russia 6,080 7,800 5,625 6,000 7,184 6,336
9 Mexico 9,812 5,596 6,058 6,556 5,708 6,254
10 Australia 4,725 4,285 4,335 4,120 4,200 4,400
11 Turkey 2,700 2,750 3,100 2,650 3,000 3,000
12 Egypt 2,405 2,740 2,780 2,855 2,760 2,785
13 Indonesia 2,200 2,250 2,130 2,300 2,400 2,600
14 Guatemala 2,966 2,764 2,565 2,575 2,558 2,575
15 Colombia 2,400 2,350 2,240 2,300 2,300 2,350
16 South Africa 2,257 2,295 2,106 1,906 1,994 2,174
17 Philippines 2,100 2,150 2,143 1,800 1,830 1,900
18 Argentina 1,570 1,750 1,830 1,700 1,670 1,690
19 Iran 1,520 1,010 1,535 1,600 1,550 1,600
20 Ukraine 1,753 1,638 1,240 1,450 1,330 1,510
Rest of World 17,345 19,515 18,333 18,320 18,526 18,543
Total Production 179,158 166,559 180,114 180,583 177,279 187,881
Source USDA Sugar: World Markets and Trade Bulletin, May 2023
Rank Country 2018/19 2019/20 2020/21 2021/22 2022/23
2023/24
(FCST)
1 Brazil 19,600 19,280 32,150 25,950 28,200 32,398
2 Thailand 10,612 6,695 3,739 7,012 11,000 12,000
3 India 4,700 5,800 8,406 11,927 6,500 7,000
4 Australia 3,735 3,600 3,400 3,120 3,270 3,600
5 Guatemala 2,125 1,858 1,395 1,651 1,657 1,662
6 Mexico 2,337 1,285 1,235 1,777 1,134 1,376
7 UAE 209 187 792 909 940 960
8 European Union 2,411 1,459 1,278 1,218 913 905
9 Pakistan 1,100 75 - 500 1,000 800
10 Morocco 497 664 681 782 775 780
11 Saudi Arabia 353 429 370 583 700 750
12 Colombia 801 778 669 663 670 680
13 South Africa 1,041 1,451 1,007 595 635 650
14 Eswatini 582 778 634 524 545 581
15 Russia 402 1,505 429 431 601 551
16 El Salvador 532 508 529 546 524 544
17 Nicaragua 534 497 508 526 470 526
18 Indonesia - 11 97 449 440 450
19 Algeria 208 334 364 366 360 365
20 Nigeria 300 300 300 350 350 355
Rest of World 6,192 6,042 5,942 5,076 5,401 5,171
Total Exports 58,271 53,536 63,925 64,955 66,085 72,104
Source USDA Sugar: World Markets and Trade Bulletin, May 2023
Annual Exports May - April; 1,000 Metric Tonnes
Sugar Exports by Country
Sugar Production by Country
Annual Production May - April; 1,000 Metric Tonnes
Global Sugar - A Complex Market that Requires a Fit for Purpose CTRM Solution

4. on exports of ethanol feedstocks (including sugar)
to help decrease ethanol costs and encourage its
wider adoptions of as a motor fuel to meet that
higher target. As such, it is likely the country’s role
as a net exporter will diminish in the very near future.
Though global export supplies have risen over the last
5 years, increasing from 58 million metric tons in 2019
to 66 million in 2023 (with a forecasted 72 million tons
in 2024), the deepening linkage between sugar and
motor fuels (via ethanol) may result in lower available
exports in the coming years. With environmental
concerns continuing to capture headlines and
geopolitical events driving volatility and higher prices
for oil and oil products, it is likely that many of the
largest exporters will follow Brazil’s and India’s lead
and will increasingly look to domestically grown sugar
as an attractive feedstock for fuel production, and as a
method of meeting greenhouse gas emission reduction
goals.
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SUGAR PRODUCTION
Sugar plantations are often part of vertically integrated operations in which the growing and
milling operations are controlled and managed by individual firms which can range in size from
small cooperatives to large multinational corporations. Sugar mills are located central to growing
regions to reduce transportation costs and time from field to factory to ensure the highest yields
from the cane or beet.
Though small independent sugar farms do continue
to exist, vertical integration though the late 20th
century and continuing up today has led to more
consolidation and concentration of growing acreage,
mills and refineries into larger operations. And, with
improvements in agricultural management practices,
such as more mechanization, soil management, and
more efficient use of fertilizers, crop yields have
continuously improved and have led to significant
reductions in the environmental impacts of growing and
processing of sugar, including reducing fertilizer runoff
and lowering of atmospheric emissions.
Sugar crops, either cane or beet, are warm weather
crops and are harvested in the late fall. During the
harvest, called the crush season, mills will operate
aroundtheclockforupto4-5monthstoprocessthecrop
and produce raw sugar. Though the sugar extraction
process will be somewhat different for cane vs. sugar,
and the merchantability of the final mill product will
be different (raw sugar vs. white sugar), both require
additional refining and/or processing to produce a
variety of consumer products. Sugar mills may also be
co-owned and co-located with ethanol refineries (more
common in the larger exporting countries like Brazil),
allowing switching of outputs (raw sugar vs. ethanol)
depending on market conditions.

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Sugar refineries may also be co-located with mills
and can produce finished sugar products year-round,
consuming inventories of stockpiled raw sugar; though
more commonly, refineries are located closer to
consumers, often near port facilities or rail terminals
to more efficiently receive bulk volumes of traded
raw sugar, either imported or domestically produced.
Refineries, like mills and farms, may be independently
owned and operated, but are increasingly part of a
fully integrated sugar business, either corporate or
cooperative owned.
Milling Sugar Cane
Sugar cane, a giant grass, is grown primarily in tropical
and semitropical regions. Requiring abundant rainfall
and sunlight to grow, the majority of the sugar cane
production is not irrigated, relying solely on rainfall.
Harvesting the sugar cane is performed either
manually or mechanically, and in both cases the cane
is cut close to the ground and the leaves removed. The
plant re-grows each year from the original root, though
experience has shown the crop yields are optimized by
replanting in a 4 to 6 year cycle.
Once harvested, the sugar cane is transported as
quickly as possible to the sugar mill to maximize the
extraction of the sugar. Given the impacts of delayed
processing, and the cost of transport, sugar mills are
typically located central to the sugar cane growing
areas they serve.
Once at the mill, the cane is washed to remove large
dirt particles prior to entering the factory. Sugar cane
is processed in two stages. The first is the extraction
of the cane juice via the crushing of the canes in a
hammer or roller mill. The sugary juice is separated
from the fiber, called bagasse, which is typically used
in boilers onsite to produce steam and electricity for
the facility. After extraction, the juice is quite dirty and
requires rough filtration, cleaning and processing.
Though methods of concentrating and clarifying
the cane juice can vary depending local traditions or
preferences, most modern mills utilize sulfitation in the
concentration process, in which the juice is passed
into the top of distillation tower where sulfur dioxide
vapor is introduced at the bottom and rises through the
tower. Carbonation, which utilizes calcium carbonate
or calcium sulfite, is often utilized to help impurities to
settle from the juice. Once concentrated, the juice is
further heated and is then mixed with a slurry of calcium
hydroxide, also called milk of lime. Carbon dioxide may
also be used to lower the alkalinity of the juice and
help precipitate the carbonation sludge, which is then
filtered from the juice. This process, called clarification,
requires several hours and helps yield a whiter sugar
product. Once complete, the sludge is removed from
the bottom of the tank and the juice is removed from
the top. The sludge is further processed by secondary
filtration to extract any remaining sugars. After filtration,
the remaining material, called mud, is returned to the
fields as a fertilizer.
Once clarified, the juice is concentrated by boiling
in a series of vacuum evaporators until it reaches a
concentration of 50%–65% sugar. During evaporation,
sediments are skimmed off the top of the evaporators

6. and the remaining product is a thick, nearly colorless
sugar syrup.
The syrup is introduced onto a large vacuum pan to
evaporate the syrup until it is saturated with sugar
crystals, which form around a solution of pure sucrose
suspended in alcohol and glycerin in a process known
as seeding. As the mixture is boiled in a vacuum pan,
water evaporates and sugar crystals continue to grow,
forming massecuite, a thick mix of syrup and sugar
crystals. The massecuite then enters a large crystallizer
tank, where the material is slowly stirred and cooled,
maximizing the crystallization process.
After crystallization, the massecuite is sent to
centrifuges where the remaining liquid is separated
from the crystalized sugar. The residue liquid, now
termed molasses, is stored in tanks. The crystals are
washed within the centrifuges, then removed, dried,
screened for size and stored in bins for packaging for
either wholesale or retail sales as raw sugar.
Processing of raw sugar usually occurs at a single
facility, though often that plant may have refining
capabilities that produce a sugar product (aka refined
sugar) which is a purer and whiter form produced by
removing any remaining impurities and color from the
raw sugar. Once refined, this sugar can then be used
to produce additional higher grade products such as
powered sugars.
Commonly, exported sugar is raw and is shipped in bulk
ocean-going vessels from the mill directly to refineries.
There, the sugar is refined and can be tailored to meet
individual customers’ requirements. A full portfolio of
sugars is produced in crystal, liquid and syrup form, and
can include refined sugar, fine granulated sugar, white
crystal sugar, crystal muscovado, demerara, caster
icing, premium liquid sugar, or fine liquid sugar invert.
Milling Sugar Beet
Sugar beets are widely grown in the more temperate
areas of the Northern Hemisphere. Though beet sugar
is less costly to process (requiring only a single stage),
sugar beets yield a lower quantity of sugar per acre
than cane, requiring almost 4 times as much acreage
to produce an equivalent cane sugar yield.
Sugar beets are harvested in the autumn and early
winter and transported to the factory by large trucks.
Given they are a root crop, beets are dirtier than cane
and require more thorough precleaning and washing to
help eliminate soil, stones, leaves and other debris and
waste.
Once cleaned, processing begins by slicing the
beet into thin chips or fine strips, called cossettes, to
increase the surface area of the beet for enhanced
sugar extraction. The cossettes are held in a tank and
are kept in contact with hot water for around an hour.
After soaking, cossettes are pumped into the bottom
of tall tanks in which a rotating spiral shaft in the center
transports the material upwards against the downward
flow of water, enhancing sugar extraction. Afterward,
the processed cossettes are pressed in screw presses
to extract as much of the juice as possible. The residue
from the cossettes can then be pelletized and used to
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7. Global Sugar - A Complex Market that Requires a Fit for Purpose CTRM Solution A ComTechAdvisory Whitepaper
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supplement animal feeds.
The raw juice produced at this point will usually contain
about 14% sugar, and it must be cleaned before it can
be used for sugar production. At this point, processing
is very similar to that of cane sugar juice, usually
including carbonatation, sulfitation, and evaporation in
multi-stage evaporators and then evaporation pans.
And like cane sugar, the resulting massecuite is spun
in centrifuges to separate the liquid from the solids.
However, unlike cane sugar, the resulting dried sugar
from beet processing is white and ready and can be
more readily processed into consumer products. The
liquid byproduct of centrifugal processing is called
beet molasses, which can be sold for animal feed or to
fermentation plants for production of alcohol.
THE SUGAR PROCESS

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COMPLEXITY IN PRICE FORMATION
Sugar prices are, like any commodity, highly influenced by supply and demand. Abundant
supplies driven by favorable weather and lower energy prices (reducing demand for ethanol) will
naturally lead to lower prices. However, protectionist import quotas and tariffs, particularly by of
the largest importing nations, can magnify price volatility by limiting the value and/or volume of
sugar imports, further driving down prices.
For example, in 2017, the market was enjoying a period
of higher prices, nearing as $400/ton, driven in large
part by reduced crop yields due to drought conditions
across the Asia Pacific growing regions. However, a
combination of increased rainfall in the region (which
increased sugarcane output), lower oil prices (which
decreased ethanol demand and production) and higher
import tariffs in China (which effectively decreased
demand in one the world’s largest sugar importers) all
conspired to drive down raw sugar prices by more than
40% during the year.
Additionally, high sugar prices can lead to switching
from sugar to other sweeteners, like isoglucose, derived
from corn or wheat, reducing demand, increasing raw
sugar inventories and adding to price volatility.
Source: https://tradingeconomics.com/commodity/sugar
TRADING
With more than 60 million metric tons of sugar exported for global markets, and with even more
traded within country boundaries, sugar trade accounts for tens of billions of dollars in annual
value. Though a number of exchanges help facilitate and improve price efficiencies of sugar
trade around the globe, government imposed import tariffs and subsidization of local sugar (all
intended to protect local growers) create price distortions that often make physical sugar prices
difficult to predict and manage.
Though global bulk trade in sugar is largely for raw (or
centrifugal)sugar,therearealsoactivemarketsinrefined
sugar and derivative products (such as fine granulated
sugars, caster sugar, Demerara, and liquid sugars)

9. Global Sugar - A Complex Market that Requires a Fit for Purpose CTRM Solution A ComTechAdvisory Whitepaper
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which are generally produced by refineries located
within local or regional markets. Additionally, specific
gradesofsugarswithineachofthosedifferentderivative
products may be traded, including such products as
Coca Cola spec sugar. Each of these products requires
different levels of refining or processing to achieve their
specific product characteristics such as polarization (as
measured by the ICUMSA scale) and grain size. As
such, each will have a different price premium that can
and will vary over time based on local market conditions
and available refining capabilities.
For traders, merchants or industrial consumers,
managing the complex pricing of these sugar products
is an ongoing challenge. Perhaps not surprisingly given
the nature of these agreements, much of the industry
continues to rely on spreadsheets for capturing and
valuing the product specifications for each contracted
lot and the premiums and discounts that might be
required based on the measured specifications of the
final delivered product.
Most traders, merchants and industrial consumers
will seek to manage their exposure to volatile raw
sugar prices (which will impact finished sugar prices)
via hedging on one or more of the various exchanges
that offer sugar futures contracts. Exchanges offering
sugar futures include the Intercontinental Exchange
(ICE), Brazilian Mercantile and Futures Exchange
(BF&M), Kansai Commodities Exchange (KEX), Multi
Commodity Exchange (MCX), National Commodity
Exchange Limited (NCEL), National Commodities
and Derivatives Exchange (NCDEX) and Zhengzou
Commodity (CZCE) Exchange. Sugar options are also
offered on several of these exchanges.
Though the many of the smaller exchanges do offer
some advantages for trades within specific markets
(as they are by their nature reflective of growing/
production conditions in that region), the two main
futures contracts that are most commonly used and
essentially influence the others are ICE New York No.
11 raw sugar contract and the London No. 5 for refined
sugar trading.
Though these contracts and those offered by the
regional exchanges provide some degree of forward
price protection, the complexities of pricing finished
sugar products (with a large number of variable quality
parameters impacting settled prices) create additional
price risk that is generally not covered well by
standardized exchange contracts. This often results in
less than optimal hedging and difficulties in measuring
and managing risk.

10. Global Sugar - A Complex Market that Requires a Fit for Purpose CTRM Solution A ComTechAdvisory Whitepaper
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ADDRESSING SUGAR MARKET
COMPLEXITY IN CTRM APPLICATIONS
Traders, marketers and merchants often engage in wholesale buying, selling and movement of
sugar around the globe. Given the size and scale of their transactions, these firms are generally
the most exposed to price volatility, supply chain interruptions, and rapidly changing tariffs and
import quotas.
Assuch,thesewholesalemarketparticipantswillrelyon
a structured commodity trading and risk management
system to capture their commercial activities and
measure/manage their risks. Unfortunately, given
the complexities of sugar trading and the underlying
contracts that facilitate the trades and physical
movements, many of these companies are still forced
to utilize a combination of spreadsheets and a vendor
supplied CTRM system to accurately capture, value and
account for their trading activities. This is particularly
the case with users of older CTRM platforms that were
never designed to address the unique needs of complex
soft commodities like sugar. Additionally, these older
solutions, usually installed on-premises or hosted in the
cloud, require near constant updating to address code
changes or updates in underlying technologies, driving
up costs and potentially interfering with commercial
operations.
Functionally, these older systems have difficulties
managing many of the fundamental needs of sugar
traders. Given that most of these existing solutions
originated in other commodity markets that traded only
standardized products (such as energies), they are
generally lacking in addressing the specific commercial
needs of sugar industry participants. For example, as
previously noted, there are multiple sugar exchanges
trading different futures and derivative products with
varying specifications. Capturing derivative trades and
managing hedging positions against physical trades
requires the ability to configure book structure to
capture regional market commitments, and the ability
to offer a consolidated view of all positions, including
exchange trades, product in transit, and inventories.
Additionally, raw sugar and white sugar are both traded
commodities. However, raw sugar is convertible into
white and as such, white sugar carries a premium to
raw that reflects the costs of refining/processing
and logistics. This premium, known as the white
premium, can change rapidly and must be tracked to
properly value inventories and contract values for both
commodities.
Sugar is traded based on a number of different
specifications that affect the contract value of the
product being bought or sold. These include specific
product types (such as ICUMSA classes), different
packaging or shipping methods (bulk or container) and
qualities such as polarization. Each of these contractual

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EKA’S SOLUTION FOR THE SUGAR
MARKET
Eka’s TRM (Trading and Risk Management) solution was founded in the agricultural softs
markets. The platform’s DNA in complex markets ensures that sugar market participants, from
origination through refining and distribution have the depth of functionality to rapidly capture
physical and derivative trades, value positions, mark to market, manage risks and settle even
the most complex agreement within the system. Using a fit for purpose sugar solution, like Eka’s
TRM, can eliminate error and risk prone spreadsheets that are commonly required with other
systems that have been adapted to try to address this complex market.
With more than 65 pre-built connectors for integration
to both internal and external systems and exchanges,
configuration and implementation times are reduced
to a matter of weeks, not months or years. With Eka’s
extendable platform, with more than 50 available
applications, sugar market participants can easily
configure a solution that fits their unique operations,
markets and trading strategies.
Designed for usability, Eka’s intuitive UI for contract
creation and amendment, derivative management,
settlement, washouts and customized reporting offers
a simplified and tailored experience accessed across
devices – mobile, tablets, and desktop. It also provides
enterprise-level security with built-in capability for data
encryption and data backup.
Eka’s TRM solution is built on a proprietary low-code
and no-code based modern SaaS platform offering
scalability, next-gen integration, and enterprise-level
security specifically tailored for the sugar industry.
terms and shipping arrangements must be captured,
valued and accounted for in the CTRM system. Systems
not designed to capture these qualities aspects will not
be fit for the purpose for sugar trading.

12. ABOUT EKA
Eka Software Solutions is a leading provider of
cloud-based commodity trading and risk manage-
ment solutions, for global businesses. Eka’s plat-
form-driven approach helps customers overcome
complex challenges and stay ahead of the curve
in an environment of constant change. Eka’s solu-
tions are modular, customizable, and designed to
deliver continuous support while maintaining enter-
prise-level security.
One of Eka’s core offerings is their Commodity
Trading and Risk Management (CTRM) solution,
which enables businesses to make faster decisions
through quick access to a single data model and
customizable analytics. The system is highly scal-
able and can handle large amounts of data, making
it well-suited for businesses with complex trading
and risk management needs.
Eka’s CTRM solution includes over 50 applications,
covering areas such as Position M2M, Value at
Risk (VaR), Settlement, Derivatives Management,
Hedge Accounting, Supply Chain Management,
and Procurement Analysis. Each application is de-
signed to help businesses solve specific challeng-
es and achieve their goals, whether that’s reducing
risk, improving efficiency, or increasing profitability.
Eka was recently recognized by Risk Market as the
best commodities trading system and best vendor
for support and implementation. They were also
named the category leader in Risk Quadrant and
CTRM Solutions by Chartis. These accolades are
a testament to Eka’s commitment to providing top-
notch solutions and support to its customers.

13. ABOUT
Commodity
Technology
Advisory
LLC
Commodity Technology Advisory is the leading analyst organization covering the ETRM and
CTRM markets. We provide the invaluable insights into the issues and trends affecting the
users and providers of the technologies that are crucial for success in the constantly evolving
global commodities markets.
Patrick Reames and Gary Vasey head our team, whose combined 60-plus years in the energy
and commodities markets, provides depth of understanding of the market and its issues that is
unmatched and unrivaled by any analyst group.
For more information, please visit:
www.comtechadvisory.com
ComTech Advisory also hosts the CTRMCenter, your online portal with news and views about
commodity markets and technology as well as a comprehensive online directory of software
and services providers.
Please visit the CTRMCenter at:
www.ctrmcenter.com
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