Brazil: After reaching the highest nominal level in history, the Cepea crystal index falls

Prices paid for bags of crystal sugar rose sharply in Brazil at the beginning of October, reflected in the Cepea/Esalq Icumsa 130-180 index. The indicator, which is a reference for the market, reached its highest nominal level ever on October 5th, at R$159.32 per bag. The Cepea historical series began in 2003. "The boost to prices in Brazil came both from high levels of sugar prices abroad and from the appreciation of the dollar in relation to the real, which keeps exports more advantageous for Brazilian sellers than sales on the domestic market", highlighted the Cepea in note. Between October 2nd and 6th, the North American currency averaged R$5.1414, 2.5% higher than the previous week. In addition to the movement abroad and the exchange rate, the internal stance also influenced. "The volume of crystal white sugar traded in the SP spot decreased slightly in the first week of October due to the reluctance of some buyers to pay the prices requested by sellers. Even so, mill agents ...