Brazil: Crystal sugar prices fall in São Paulo

Published 2023년 2월 20일

Tridge summary

The price of crystal sugar in São Paulo's physical market has decreased by 0.74%, making it now worth R$ 131.90/sc. This decrease could be attributed to reduced demand due to the Carnival holiday. In contrast, sugar prices in the futures market saw a slight increase due to India's decision to maintain its sugar exports at 6.1 MT, which could lead to a smaller Indian sugar crop reducing domestic supply. The decline in oil prices, potentially reducing the relative competitiveness of ethanol, may also contribute to the stable or slightly increasing prices in the futures market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The price of crystal sugar registers another retreat in the physical market of São Paulo, according to information that was released by TF Agroeconomia. “The price of a 50 kg bag of crystal sugar recorded yet another decrease of -0.74% in the São Paulo physical market. As a result, its value, which was R$ 132.93/sc, ended the day valued at R$ 131.90/sc”, he comments. “In addition to today's retreat, the quotation accumulates a drop of 1.80%, this bearish behavior may be associated with reduced demand, due to the Carnival holiday. Even with these setbacks, prices are still stable, as they may be sustained by the lower demand that is common in this off-season”, he adds. In the futures market, sugar prices rise due to India not increasing exports. “NY May World Sugar #11 (SBK23) closed up +0.03 (+0.15%) on Friday, and London May White Sugar #5 (SWK23) closed up +0. +0.40 (+0.07%)”, it indicates. “Sugar prices posted modest gains. Prices found support today after India said it would ...

Source: Agrolink