According to the data from China Sugar Association: By the end of January in the season of 2008/09,the output of key sugar producers is4.51million tons. Altogether 1.58million tons has been sold, making the production/sale ratio at35%, while the figure of same period last season was 50%. The average sugar price is 2,991.14 RMB/ton, while the price was 3,574.67RMB/ton last year; the price of beet sugar is 3,353.79 RMB/ton (3,890.9RMB/ton last year); the price of cane sugar is 2,945.55RMB/ton (3,539.21RMB/ton last year).

Altogether 808,800 tons of sugar has been sold by key producers in January, the average price is 2941.00 RMB/ton; the price of beet sugar is 3278.10 RMB/ton; the price of cane sugar is 2911.34 RMB/ton.

List

Preface 5

News Flash 6

2230.92 tons had been sold to domestic market till the end of December, 23.64% lower from same period last yea. 6

Sugar Output and Sales in Key Sugar Producers by the End of January 6

Production of Food with Sugar Content from January to December 2008 6

FCStone Estimated that in the 2009/10 Campaign Mid-South Brazil would Crush 540 Million Tons of Sugarcane. 7

Guangxi Launched its Sugar Purchase of 400,000 Tons for Storage. 7

The Second Batch of Sugar Purchase in the 2008/09 Campaign Concluded with Transaction of 300,000 Tons. 8

India: Sugar Import Expected to Increase Steadily 8

Investment Bank: Brazilian Ethanol Consumption in 2009 to Surge to 24.4 Billion Litre 8

Flooding to Hamper Sugar Production in Australia in the Coming Year 8

Reduction of Sugar Output in India is Felt in the International Market. 9

Sugar Output Reduction in China to Boost Sugar Price 9

News & Analysis 10

5.86 Million Tons Sugar Production till End of January2009, 2.26 Million Tons Sold 10

Supply and demand balance 11

Comparison of Domestic and International Sugar Prices in February2009 12

Price Trend 14

Import & Export 16

Sugar Import and Export in January 2009 16

About BOABC 18