The prospect of a robust sugarcane crop in Brazil's Center-South region in the 2026/27 season is expected to intensify pressure on international sugar prices. With an estimated production of around 635 million tons of sugarcane and over 40 million tons of sugar, the scenario points to an increase in global supply and the maintenance of prices at lower levels. The expected performance in Brazil is added to the partial recovery of production in major Northern Hemisphere countries such as India, Thailand, and Mexico. This movement expands the global sugar surplus and consolidates an environment of structural pressure on the prices of the commodity. Even with recent positive fluctuations — which brought sugar to around 16.1 cents per pound — the support has been limited. The reduction in geopolitical risk premiums and the contraction of the energy complex contributed to the loss of strength in quotations in the short term. In this scenario, ethanol returns to a central role in the ...