According to the data from China Sugar Association: By the end of December in the season of 2008/09, the output of key sugar producers is 2.21million tons. Altogether 0.77million tons has been sold, making the production/sale ratio at 34.7%, while the figure of same period last season was 52.6%. The average sugar price is 3,062.97 RMB/ton, while the price was 3,624.64RMB/ton last year; the price of beet sugar is 3,370.74 RMB/ton (3,884.8RMB/ton last year); the price of cane sugar is 3,015.35RMB/ton (3,588.27 RMB/ton last year).

Altogether 630,000 tons of sugar has been sold by key producers in December, the average price is 3026.9 RMB/ton; the price of beet sugar is 3294.95 RMB/ton; the price of cane sugar is 3002.92 RMB/ton.

List

Preface 4

News Flash 4

2077.73tons had been sold to domestic market till the end of November, 22.9% lower from same period last yea. 4

Sugar Output and Sales in Key Sugar Producers by the End of December 5

Production of Food with Sugar Content from January to December 2008 5

Per Household Sugarcane Growing Area in Guangdong Down by 20% This Year 5

Yunnan Announced a 700,000-Ton Short-Term White Sugar Purchase Plan. 6

Brazil: Ethanol Export in 2008 to Reach 5.16 Billion Litres 6

New Thoughts for the New Year in Guangxi to Strengthen the Cane Sugar and Topioca Industries 7

Unica: by End of December the Central-South Part of Brazil Harvested 496,700,000 Tons of Sugarcane 8

Thai Sugar Export in 2008/09 Campaign to Reach 5,000,000 Tons 8

News & Analysis 8

2.99 Million Tons Sugar Production till End of December 2008, 1.09 Million Tons Sold 8

Supply And Demand Balance 9

Comparison of Domestic and Overseas Sugar Price in January 2009 10

Price Trend 12

Import&Export 15

Sugar Import and Export in December 2008 15

About BOABC 17