Despite the recent increase in ethanol consumption, Brazilian mills are expected to continue focusing on sugar production in the upcoming harvest. In October, hydrous ethanol consumption increased by 29% compared to the same period last year. Despite this rise, the plentiful supply of ethanol, paired with the strong productivity of the sugarcane crop in 2023-24, is keeping prices low. Mills have prioritized sugar production due to favorable sugar prices, and analysts believe that this trend will continue in the coming season. Sugar demand is high, owing to poor weather conditions in key exporting regions.
Source: NovaCana (*Translated by Ia Niani)
MILLS TO CONTINUE BETTING ON SUGAR, EVEN WITH ETHANOL CONSUMPTION ON THE RISE
Published On - 22 de November de 2023