The price of sugar is expected to continue increasing, according to Itau BBA: “Prices in New York climbed in March and in April, reaching their highest levels since 2012. According to the publication, quotes closed at USD 25.25/lp (4/20) on May 23, up 23.3% over the previous 30 days. This, according to Itau Bank, is caused by a number of variables, including an increase in speculative investors’ long holdings, a rise in oil prices, and adjustments to Brazil’s ICMS tax on gasoline and anhydrous ethanol. At the end of the 2022–2023 crop, the center–south region crushed 548 million tons, an increase of 4.6% from the 2021–2022 harvest.
Source: Jornal Cana (*Translated by Ia Niani)