Why sugar prices remained firm in Brazil even with low liquidity at the moment?

White crystal sugar prices have remained firm in Brazil in recent weeks, hovering around R$130 per 50 kg bag, even with a scenario of low liquidity in negotiations at this time of off-season in the Center-South of Brazil, according to the Center for Advanced Studies in Applied Economics (Cepea, from Esalq/USP). "The supply of higher quality sugar (Icumsa up to 180) remains low in Brazil, but the demand for prompt delivery is also weak. Buyers have stocked up to get through the off-season – or are receiving the product previously purchased", highlights the center of research on the current market scenario. The Cepea/Esalq indicator for this type of sweetener reached a peak of R$ 133.34 per bag on March 10th. This is also the highest level since February 28 (R$ 133.49 a bag). The question that remains is: why have sugar prices remained firm in Brazil even with a scenario of low liquidity in negotiations? "In the first half of March, domestic quotations may have been supported by the ...