Thailand is catching up the crushing delay

● Thai 25/26 crushing operations are in full swing, maintaining a daily crushing pace of nearly 1.00 mmt as of March 8, almost twice the volume typically crushed at this stage of the campaign (5-yr avg).

● At this pace, mills are rapidly catching up with the initial delay, with 85.408 mmt of cane now processed through March 8, only 1.0% lower YoY.

● In total, 56 mills were still operating, versus 54 units a year ago.

● Thanks to better industrial yields, sugar production reached 9.444 mmt, tel quel, through March 8, 1.4% higher YoY.

● Thailand’s 25/26 cane crushing estimate is pegged at 98.0 mmt, against 92.0 mmt in 24/25, while sugar production is estimated at 10.58 mmt (10.05 mmt in 24/25), according to DATAGRO.