By the end of August, Brazil’s sugar pricing for the 2023/24 harvest reached 30.9% of the total volume forecast for exports, according to Archer Consulting. The cumulative total was 7.42 million tons of sugar at an average price of USD 17.50 per pound without a polarization premium. The fourth estimate of the mills’ price-fixing volume found that 827 thousand tons of sugar were fixed at an average price of BRL 2,201 per ton (FOB) in August. On the North American stock exchange, the volume of sugar futures contracts traded in August was only 1.46 million, a significant drop of 30% when compared to July.
Sources: Reuters/UDOP (*Translated by Ia Niani)