The white sugar premium is projected at nearly USD 100/t, yet narrowing over the decade. Profitability of the ethanol sector should improve slightly in the coming years, because the margin between feedstock and ethanol prices is expected to increase in real terms. With biodiesel demand being mosdy policy and not market driven, biodiesel prices are expected to follow the evolution of vegetable oil prices. After a 2010 cotton price spike, driven by macroeconomic volatility and policy changes in key countries, prices have declined significantly in recent years but cotton prices are expected to remain relatively stable during 2014-23 as the assumptions regarding policy and macroeconomic stability do not indicate any future price run-ups.