International sugar market faces fall in July with devalued real and beneficial rains in India

In July, the international sugar market recorded a drop in prices, after a brief recovery in June. On the New York Stock Exchange (ICE Futures US), raw sugar contracts for delivery in October closed July 31 at 18.94 cents per pound, compared to 20.30 cents recorded on July 28. June, representing a drop of 6.7%. This drop was influenced by the positive outlook for the sugarcane harvest in India, due to above-average monsoon rains, and by the devaluation of the real against the dollar, which boosts exports from Brazil, the world's largest sugar producer. The average daily revenue from Brazilian exports of sugar and other molasses reached US$73.175 million in July, considering the 20 working days until the 28th, according to data from the Secretariat of Foreign Trade (Secex). The average daily volume of exports was 159,140 thousand tons in the month. In total, 3,182,816 tons of sugar were exported in July, generating revenue of US$1.463 billion, with an average price of US$459.80 per ...