In October, Brazilian mills set the price of 2.399 million tons of sugar to be exported in the next crop harvest (2023/24). This is the biggest monthly hedge volume carried out in this harvest, according to a survey by Archer Consulting. There are already 11.76 million tons hedged for the next season or 49% of what is expected to be exported. Operations carried out in October had an average price of BRL 2.215 per ton of raw sugar in the port of Santos. The year-to-date volume was hedged at an average value of 17.12 cents per pound (without polarization premium), corresponding to BRL 2,204 per ton in the port of Santos (with polarization premium).
Sources: Valor Econômico/ União Nacional da Bioenergia (*Translated by Ia Niani)