Brazilian mills have already set 4.2 million tons of sugar for export in the 2023/24 season, which begins in April next year, according to Archer Consulting. The volume is 17.5% of the total expected for exports. The average price was estimated at 17.26 cents US$ per pound, without polarization premium, and R$ 2,259 per ton (R$ 0.9509 per pound) FOB Santos with polarization premium. The company said in a statement that it is the first time that the following season fixation is forecast in May. Typically, the information refers to the season that is about to start. “This time, however, with the coming harvest surpassing 80% of the volume already set, we are looking at the next harvest, something that has never happened so far”, the company said. The statement informs that the volume of the commodity traded on the New York Stock Exchange (ICE Futures US) in April was 3.27 million futures contracts, up 16% from March and 33% more than the average of the last six months.
Sources: Agência Estado/Nova Cana (*Translated by Ia Niani)