StoneX predicted in May that Brazil would export 29.5 million tons of sugar in 2023, or around 8% higher than in the previous year. Although the outlook is favorable, there are some worries over the competition in the Brazilian ports between sugar and grains. StoneX projects soybean exports of 96 million tons and corn exports of 48 million tons. According to Marcelo Di Bonifacio Filho, an analyst at StoneX, 2.41 million tons of data on sugar exports from Brazil show that Brazil is controlling the outflow well along with other commodities. It is expected that sugar shipments would increase in the following months.
Source: Notícias Agrícolas (*Translated by Ia Niani)