@sdelsad/commodity-desk-daily 1.0.40 → 1.0.42

package/feed.xml

@@ -18,6 +18,18 @@
       <title>Soft Commodity Trading</title>
       <link>https://storage.googleapis.com/podcast-audio-2647223968/index.html</link>
     </image>
+    <item>
+      <title>Ep 14 — Sugar: Two Contracts, the Switch and the Refiner</title>
+      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep14.html</link>
+      <description><![CDATA[<p>Sugar is quoted twice, one refining step apart, and the gap between the two screens is what the market pays for refining. Then Brazil's mills, where supply is a daily decision between food and fuel, and ethanol parity is the price at which that decision flips.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep14.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
+      <itunes:summary>Sugar is quoted twice, one refining step apart, and the gap between the two screens is what the market pays for refining. Then Brazil's mills, where supply is a daily decision between food and fuel, and ethanol parity is the price at which that decision flips.
+
+Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep14.html</itunes:summary>
+      <enclosure url="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep14.mp3" length="9500588" type="audio/mpeg"/>
+      <guid isPermaLink="false">https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep14.mp3</guid>
+      <pubDate>Mon, 31 Aug 2026 05:10:00 GMT</pubDate>
+      <itunes:duration>791</itunes:duration>
+    </item>
     <item>
       <title>Ep 13 — Coffee: Differentials, PTBF and Volatility</title>
       <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep13.html</link>
@@ -49,10 +61,10 @@ Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commo
       <itunes:summary>An elevator is not long grain — it is long space, and the basis is what space costs. Storage capacity, the harvest basis collapse, and the blend that creates value out of arithmetic until the specification turns pass/fail.
 
 Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep11.html</itunes:summary>
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+      <guid isPermaLink="false">https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep11v2.mp3</guid>
       <pubDate>Mon, 24 Aug 2026 05:00:00 GMT</pubDate>
-      <itunes:duration>690</itunes:duration>
+      <itunes:duration>840</itunes:duration>
     </item>
     <item>
       <title>Ep 10 — Freight: Dry Bulk and Chartering</title>
@@ -97,10 +109,10 @@ Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commo
       <itunes:summary>How a grain balance sheet is built line by line, and why ending stocks — the line nobody measures — moves about ten times faster than the crop itself. Plus feed and residual, the line that hides the sins, and why two competent analysts agree on supply and fight about demand.
 
 Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep07.html</itunes:summary>
-      <enclosure url="https://cdn.jsdelivr.net/npm/@sdelsad/commodity-desk-daily@1.0.20/ep07.mp3" length="7381773" type="audio/mpeg"/>
-      <guid isPermaLink="false">https://cdn.jsdelivr.net/npm/@sdelsad/commodity-desk-daily@1.0.20/ep07.mp3</guid>
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       <pubDate>Tue, 18 Aug 2026 05:00:00 GMT</pubDate>
-      <itunes:duration>615</itunes:duration>
+      <itunes:duration>775</itunes:duration>
     </item>
     <item>
       <title>Ep 6 — Corn, Crop Calendars and Weather Risk</title>

package/glossary.md

@@ -5,12 +5,14 @@ Units, conventions and desk expressions, accumulated as the show introduces them
 - **45Z** — the US clean fuel production credit, one of the two policy levers that sets American soybean oil demand  _(ep 8)_
 - **abandonment** — planted area never harvested for grain, lost to drought, flood or a switch to silage  _(ep 6)_
 - **ABCD** — the four historic majors, Archer Daniels Midland, Bunge, Cargill and Louis Dreyfus  _(ep 2)_
+- **anhydrous ethanol** — near-water-free ethanol blended into petrol under a mandate, taking 1.7651 kg of ATR per litre  _(ep 14)_
 - **arabica** — the high-altitude coffee species, aromatic and acidic, lower-yielding and more fragile, priced on ICE in New York  _(ep 12)_
 - **arb** — the full economics of moving a cargo, buy price plus freight and costs against the sale  _(ep 2)_
 - **arb window** — the period during which a route's economics work, opening and shutting on freight, differentials and FX rather than on flat price  _(ep 11)_
 - **asset-heavy** — owning the physical chain, which converts a volatile trading margin into a steadier toll  _(ep 2)_
 - **asset-light** — renting elevators, terminals and plants rather than owning them  _(ep 2)_
 - **at** — the small word that introduces the offer side (462 bid, at 462 and a half)  _(ep 1)_
+- **ATR** — Acucar Total Recuperavel or total recoverable sugar, the kilos of sugar recoverable from a tonne of cane, the unit in which Brazilian growers are paid and the unit in which a mill compares sugar against ethanol  _(ep 14)_
 - **B50** — a blending mandate requiring 50 percent biodiesel in the diesel pool, the level Indonesia moved to in 2026  _(ep 9)_
 - **bag (coffee)** — 60 kg, how the coffee trade counts volume  _(ep 1)_
 - **balance sheet** — the one-page supply and demand statement for one crop and one marketing year, built so that supply minus use equals ending stocks and the page closes  _(ep 7)_
@@ -33,6 +35,7 @@ Units, conventions and desk expressions, accumulated as the show introduces them
 - **carry market (contango)** — a curve with later months above nearer ones, the market pays for storage  _(ep 3)_
 - **carry-in** — stocks left over from the previous season, the starting point of a balance sheet  _(ep 2)_
 - **carryout** — ending stocks, the desk's one-word name for what is left at the end of the marketing year  _(ep 7)_
+- **Center-South** — the Brazilian sugarcane region running from Sao Paulo through Minas Gerais and Goias, about 90 percent of the national crop and the swing supplier of the world sugar market  _(ep 14)_
 - **cents per bushel** — Chicago grain quoting unit, 4.39 dollars per bushel is spoken four thirty-nine  _(ep 1)_
 - **certified stock** — coffee sampled, graded and stamped as deliverable against the futures contract and held in an exchange-licensed warehouse, the deliverable float rather than world inventory  _(ep 12)_
 - **CFR** — cost and freight, the seller pays the voyage to a named destination but risk still passes at loading  _(ep 4)_
@@ -59,6 +62,7 @@ Units, conventions and desk expressions, accumulated as the show introduces them
 - **demand-to-supply ratio** — the Baltic measure of tonne-mile demand growth against fleet growth, above 1.0 when cargo is outrunning ships  _(ep 10)_
 - **demurrage** — the penalty owed when a vessel is held beyond the agreed laytime  _(ep 2)_
 - **despatch** — the reward paid when loading beats laytime, customarily half the demurrage rate  _(ep 4)_
+- **destination refinery** — a standalone refinery at the consuming end that buys raws on the water and sells whites locally, earning the white premium less its costs rather than a crop margin  _(ep 14)_
 - **differential** — the premium or discount to a named futures month, as in November plus 80, the negotiated part of a physical quote  _(ep 1)_
 - **differential (basis)** — the premium or discount to a named futures month, quoted as plus 80 or minus 20  _(ep 1)_
 - **discount schedule** — the published table of price deductions for grain outside a contract's grade limits, and the raw material of every blending trade  _(ep 11)_
@@ -71,6 +75,7 @@ Units, conventions and desk expressions, accumulated as the show introduces them
 - **durum** — the pasta wheat, a separate species with its own thin market  _(ep 5)_
 - **elevation margin** — the toll an elevator earns for taking grain in, conditioning it and loading it out, separate from any gain on the basis  _(ep 11)_
 - **ethanol grind** — the rate at which ethanol plants consume corn, which slows when the plant margin turns negative and removes corn demand in steps  _(ep 6)_
+- **ethanol parity** — the sugar price at which a mill earns the same per unit of ATR from sugar as from ethanol, the level at which its production decision flips  _(ep 14)_
 - **EUDR** — the EU deforestation regulation, which from December 2026 requires proof that a shipment's land was not deforested and which splits origin differentials into compliant and non-compliant  _(ep 13)_
 - **export levy** — a tax charged on a commodity leaving the country, used in Indonesia both to discourage exports of crude palm oil and to fund the domestic blending subsidy  _(ep 9)_
 - **falling number** — the sprout-damage test, a low number demotes milling wheat to feed wheat  _(ep 5)_
@@ -107,6 +112,8 @@ Units, conventions and desk expressions, accumulated as the show introduces them
 - **hexane** — the solvent used to extract the last of the oil from the flaked bean, and a real line in the conversion cost  _(ep 8)_
 - **hit** — your bid was taken by a seller  _(ep 1)_
 - **hit the bid** — to sell into someone else's bid  _(ep 1)_
+- **hydrous ethanol** — roughly 95 percent ethanol sold directly at the pump for flex-fuel cars in Brazil, taking 1.6913 kg of ATR per litre  _(ep 14)_
+- **ICUMSA** — the colour scale for refined sugar, lower being whiter, with the London No. 5 contract requiring 45 ICUMSA or better  _(ep 14)_
 - **implied disappearance** — use derived by subtraction rather than by measurement, the technique that produces the residual lines of a balance sheet  _(ep 7)_
 - **inclusion rate** — the share of a single ingredient in a feed ration, capped by nutrition and by anti-nutritional factors  _(ep 6)_
 - **Incoterms** — the standard three-letter trade terms that allocate cost and risk between buyer and seller  _(ep 4)_
@@ -124,17 +131,21 @@ Units, conventions and desk expressions, accumulated as the show introduces them
 - **limit move** — an exchange-set maximum daily price change, trading pauses beyond it  _(ep 3)_
 - **line-up** — the queue of vessels waiting to load at a port, a key driver of origin basis  _(ep 2)_
 - **load-out capacity** — how fast an elevator can ship grain out, the lever that decides whether a full house is a crisis or a rotation  _(ep 11)_
+- **long ton** — 2,240 lb, the imperial weight unit the sugar No. 11 contract is still sized in at 50 long tons a lot  _(ep 14)_
 - **lot** — one futures contract, 5,000 bushels for Chicago grains, the unit desks count positions in  _(ep 1)_
 - **managed money** — speculative funds reported as non-commercial in exchange positioning data, which trade direction rather than physical  _(ep 13)_
 - **marketing year** — the accounting year a crop is measured in, September to August for US corn and soybeans and June to May for US wheat  _(ep 7)_
 - **Matif milling wheat (EBM)** — the Paris contract, 50 tonnes a lot quoted in euros per tonne and delivered into Rouen and Dunkirk  _(ep 5)_
 - **meal contract** — CBOT soybean meal, 100 short tons, quoted in dollars per short ton  _(ep 8)_
+- **melt loss** — the sugar lost between raws in and whites out, roughly six percent, which makes a refiner's break-even white premium a function of the raw price rather than a constant  _(ep 14)_
 - **metric tonne** — 2,204.6 lb, the grain trading weight unit outside the US  _(ep 1)_
 - **month codes** — F G H J K M N Q U V X Z for January through December, the Z is December  _(ep 1)_
 - **NASS** — USDA's National Agricultural Statistics Service, the body running the surveys behind the published numbers  _(ep 7)_
 - **natural process** — coffee dried with the fruit still attached, giving a sweeter, heavier and more variable cup  _(ep 12)_
 - **net length** — a fund category's long positions less its short positions, the number that says how much of a rally is positioning  _(ep 13)_
 - **new crop** — the marketing year about to begin, priced by the contract months that follow the coming harvest  _(ep 7)_
+- **No. 11** — the ICE raw cane sugar futures contract, 112,000 lb quoted in US cents per pound FOB at origin, and the world price of raw sugar  _(ep 14)_
+- **No. 5** — the ICE London white sugar futures contract, 50 tonnes quoted in US dollars per tonne delivered, and the world price of refined sugar  _(ep 14)_
 - **nomination** — formally naming the performing vessel under a cargo contract  _(ep 4)_
 - **NOPA** — the National Oilseed Processors Association, whose monthly published crush figure makes US soybean crush a measured line rather than an inferred one  _(ep 8)_
 - **notice of readiness (NOR)** — the master's formal declaration that the vessel has arrived and is ready, it starts the laytime clock  _(ep 4)_
@@ -155,6 +166,7 @@ Units, conventions and desk expressions, accumulated as the show introduces them
 - **planted acres** — area sown, the number that moves on farmer decisions and USDA area surveys  _(ep 6)_
 - **point** — one hundredth of a cent per pound, how softs desks count moves  _(ep 1)_
 - **point (softs)** — one hundredth of a cent per pound, so up 300 points means up 3 cents  _(ep 1)_
+- **polarisation (pol)** — the sucrose purity of a sugar measured by the rotation of polarised light and expressed in degrees, the basis on which raw sugar is priced and settled  _(ep 14)_
 - **pollination** — the roughly one-week corn window in mid-July in the northern hemisphere after which the ear count is fixed and no forecast can change it  _(ep 6)_
 - **price assessment** — a published daily price built by surveying brokers and exporters, used where no futures contract exists  _(ep 5)_
 - **price-to-be-fixed (PTBF)** — a physical contract where quantity, quality, shipment and differential are agreed now and the futures price is set later  _(ep 13)_
@@ -163,6 +175,7 @@ Units, conventions and desk expressions, accumulated as the show introduces them
 - **putting on the crush** — buying bean futures and selling meal and oil futures against them in a 10-11-9 lot ratio, which fixes the processing margin  _(ep 8)_
 - **quality basis** — the spread between the grade you own and the grade the futures contract delivers  _(ep 5)_
 - **ration** — the formulated feed mix a mill grinds, in which every ingredient carries an inclusion limit and a substitution price against the others  _(ep 6)_
+- **raws** — raw cane sugar, the crystalline product a cane mill exports before refining, traded at 96 degrees polarisation  _(ep 14)_
 - **receiving capacity** — how fast an elevator can take grain in, in bushels or tonnes per hour, a different constraint from how much it can hold  _(ep 11)_
 - **renewable diesel** — hydrotreated vegetable oil or HVO, a drop-in diesel chemically identical to fossil diesel and not limited by a blend wall, unlike FAME  _(ep 9)_
 - **replacement value** — what it would cost to buy back today what you have just sold, the test of whether a price was genuinely good  _(ep 11)_
@@ -193,6 +206,7 @@ Units, conventions and desk expressions, accumulated as the show introduces them
 - **stocks-to-use** — ending stocks divided by total use, the market's tension gauge  _(ep 2)_
 - **storage tariff** — the published charge for commercial storage, quoted in cents per bushel per month or per day, or in dollars per tonne per month  _(ep 11)_
 - **substitution spread** — the price gap between two competing vegetable oils, which sets the point at which a refiner reformulates from one to the other  _(ep 9)_
+- **sugar mix** — the share of a mill's recoverable sugars turned into sugar rather than ethanol, bounded above by the plant's crystallisation capacity  _(ep 14)_
 - **Supramax** — a dry bulk vessel of roughly 50,000 to 60,000 dwt, normally carrying its own cranes, working minor bulks and shorter legs  _(ep 10)_
 - **temporary storage** — ground piles, bunkers and bags used when permanent capacity is full, cheap per bushel to build and expensive per bushel in spoilage and rehandling  _(ep 11)_
 - **terminal elevator** — large storage at a port, river or rail hub whose business is blending, load-out speed and access rather than farm origination  _(ep 11)_
@@ -202,11 +216,13 @@ Units, conventions and desk expressions, accumulated as the show introduces them
 - **ticker** — the short screen code a contract is spoken by, ZW wheat, ZC corn, ZS soybeans, ZM meal, ZL oil, KC coffee, SB sugar, CT cotton  _(ep 3)_
 - **time charter** — hiring the vessel itself for a period at a price in dollars per day, with the charterer taking speed, weather, port delay and usually fuel  _(ep 10)_
 - **time charter equivalent (TCE)** — a voyage's economics restated as dollars per day, which is how a shipowner compares one employment against another  _(ep 10)_
+- **toll refining** — refining someone else's raws for a fee per tonne, which converts the white premium from a trading position into a fixed margin  _(ep 14)_
 - **total supply** — carry-in plus production plus imports, the top block of a balance sheet  _(ep 7)_
 - **total use** — domestic use plus exports, the bottom block of a balance sheet  _(ep 7)_
 - **trade average** — the published mean of analysts' pre-report estimates, and therefore the expectation already contained in the price  _(ep 7)_
 - **trend yield** — the yield a crop would produce on normal weather, the baseline against which a weather premium is measured  _(ep 6)_
 - **variation margin** — the daily cash settlement of a position mark to market, paid the same day  _(ep 3)_
+- **VHP** — very high polarisation raw sugar of around 99 degrees, the grade Brazil exports and which trades at a premium to the No. 11 screen  _(ep 14)_
 - **voyage charter** — hiring a vessel to move a stated cargo between named ports for a price in dollars per tonne, with the owner carrying the voyage and delay risk  _(ep 10)_
 - **war-risk premium** — an insurance surcharge on a vessel's hull value for sailing into a conflict zone, quoted as a percentage  _(ep 2)_
 - **WASDE** — the USDA monthly World Agricultural Supply and Demand Estimates report  _(ep 1)_
@@ -216,6 +232,7 @@ Units, conventions and desk expressions, accumulated as the show introduces them
 - **weather premium** — the gap between where a crop trades and where it would trade at trend yield, the price of a distribution of outcomes rather than of a forecast  _(ep 6)_
 - **weather working day** — a laytime day that counts only when weather permits cargo work  _(ep 4)_
 - **whisper number** — the expectation the market is actually trading into a report, which can sit away from the published trade average  _(ep 7)_
+- **white premium** — the London white sugar price less the New York raw sugar price converted to the same unit, which is what the market pays for the act of refining  _(ep 14)_
 - **work** — leave an order resting with a broker  _(ep 1)_
 - **work an order** — leave an order resting at your price and wait  _(ep 1)_
 - **workable** — the quoted price is negotiable  _(ep 1)_

package/package.json

@@ -1,7 +1,7 @@
 {
   "name": "@sdelsad/commodity-desk-daily",
-  "version": "1.0.40",
-  "description": "Soft Commodity Trading - Ep 13: Coffee: Differentials, PTBF and Volatility (Gemini narration)",
+  "version": "1.0.42",
+  "description": "Soft Commodity Trading - Ep 14 (episodes 7 and 11 re-narrated with the Gemini voice)",
   "license": "CC-BY-4.0",
   "keywords": [
     "podcast",