The most recent assessment from StoneX predicts that Brazil will produce 41.1 million tons of sugar in the following crop year (2023-24), an increase of 2% from the present harvest. The worldwide sugar scarcity and the high dollar exchange rates are to blame for this. According to StoneX, the price of sugar will fluctuate between 0.24 and 0.28 USD per pound till March and between 0.22 and 0.26 USD per pound from April to September of the next year. This scenario has developed over the last three years because of the growing global demand for sugar and crop failures worldwide. However, there are worries about the potential influence of El Nino and increased inventories in the following cycle that may affect the predicted scenario.
Source: Globo Rural / StoneX (*Translated by Ia Niani)
BRAZILIAN SUGAR WILL CONTINUE TO RISE IN 2023-24, STONEX SAYS
Published On - 25 de October de 2023