World: Record exports drive sugar futures up in 2024

게시됨 2024년 11월 7일

Tridge 요약

Sugar futures contracts have seen a rise on international exchanges due to the appreciation of the Brazilian real and anticipated heavy rains in Brazil's major sugar production regions. This increase is also attributed to the record breaking sugar exports by Brazil, particularly to Indonesia, Egypt, and the United Arab Emirates. The surge in exports, reaching a record 32.14 million tons from January to October 2024, has led to an uptick in prices on various futures exchanges. However, the domestic market has seen a slight decrease in crystal sugar prices, while hydrated ethanol prices have experienced an increase.

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원본 콘텐츠

Sugar futures contracts rose on international exchanges this Wednesday (6), reversing the declines of recent days. According to analysts consulted by Reuters, the upward movement was driven by the appreciation of the Brazilian real and the expectation of heavy rains in the main producing regions of Brazil, the world leader in sugar production and exports. Another important factor discussed in the market was the increase in Brazilian sugar exports. Data from the Secretariat of Foreign Trade (Secex) reveal a record export of the product in the first ten months of 2024, surpassing the total volume exported in 2023. According to a note from Argus, the restrictions imposed by India — the world's second largest sugar producer — on its exports increased demand for the Brazilian product. Currently, Brazil accounts for around 70% of global exports of raw sugar. Indonesia is emerging as the main destination for Brazilian sugar, surpassing China, while countries such as Egypt and the ...

출처: Portal Do Agronegocio