Sugar price fixing for Brazil's 23/24 crop reaches 3.35 million tons between December and January, says Archer

Published 2023년 2월 13일

Tridge summary

Sugarcane plants in Brazil have fixed 3.35 million tons of the 2023/24 harvest with an average price of R$ 2,399 per ton, according to estimates by Archer Consulting. This fixation was driven by an increase in sugar prices on the New York stock exchange, with hedge funds contributing to the price surge. As of January 31, the accumulated fixings for the harvest reached 18 million tons at an average price of 17.57 cents per pound, with a total trading volume of 2.07 million futures contracts on the New York Stock Exchange in January.

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

Original content

The plants that produce sugar in Brazil fixed 3.35 million tons of the 2023/24 harvest (April-March) between December 2022 and January 2023, according to an estimate by Archer Consulting released at the end of last week. The equivalent average price of fixings in the period was R$ 2,399 per ton (FOB). "This acceleration, in our analysis, was determined by the rise in sugar prices in NY, whose average in the two months covered by this study was around 20 cents per pound for the March/23 maturity. Hedge funds, which have added more buys to their positions, have contributed to the price surge, although we believe it is out of step with medium to long-term sugar fundamentals," Archer said. Accumulated fixings, up to January 31, totaled 18 million tons at an average price of 17.57 cents per pound, without polarization premium, ...

Source: NoticiasAgricolas