One of the missing ingredients for a major rebound in the emerging markets ((EM)) this year has been the price of sugar. With sugar futures having gone sideways for most of 2019, the economies of many export- and agricultural-dependent countries have underperformed the U.S. And while many analysts anticipate a much stronger outlook for EM stocks in 2020, much of this will depend on a vibrant sugar futures market. In this report, we'll discuss the growing likelihood of a sugar price rally in the coming months and the factors needed to bring this about. We'll