Brazil: Even with the 23/24 crop in progress, sugar closes May in the São Paulo spot at around R$150 per bag
Sugar
Brazil
Published Jun 5, 2023
Original content
The month of May ended with mills in the Center-South of Brazil accelerating the crushing of the 2023/24 crop, after impacts caused by the rains in April. Even so, the price of sugar on the São Paulo spot market in the month fluctuated between R$146 and R$149 per 50 kg bag, closing at close to R$150 per bag. Between April 28th and May 31st, the sugar indicator monitored by the Center for Advanced Studies in Applied Economics (Cepea, from Esalq/USP) rose 1%, to R$ 148.73 (US$ 29.28) in may 31st. Cepea explains that sales of better quality sugar were low in the month, as exports became more attractive to mill agents. "The demand for prompt delivery also did not increase. Some of the buyers who usually buy sugar on the spot market opted to receive the product previously purchased. Thus, liquidity was low, especially at the end of the month", added the research center. In a parity calculation between the international and national markets, Cepea points out, between May 22nd and 26th, ...
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