World: Record exports drive sugar futures up in 2024

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 ...