According to Archer Consulting, Brazilian sugar mills fixed prices for the export of 2.88 million tons of sugar in November, the highest monthly volume for the 2023/24 crop. The corresponding average price last month was BRL 2,310 per ton (FOB). “This acceleration (in fixings) must have been motivated by the attractive prices that resulted from the combination of firmer NY (ICE), due to the positioning of speculative funds and the weaker real,” said Archer partner director Arnaldo Luiz Correa. With the volumes fixed until November 30, the total volume for crop 23/24 reached 14.64 million tons of sugar at an average price of 17.27 USD cents per pound of weight without polarization premium.
Source: Forbes Brazil (*Translated by Ia Niani)