Brazil: Sugar fell 3.75% in the week in New York after the US government extends its fuel taxes

Sugar futures contracts closed the session this Friday (06) with a significant drop in the New York and London stock exchanges – contributing to weekly losses. The pressure accompanies the scenario of fuels in Brazil, in addition to the harvest at the origins. The most traded month of raw sugar on the New York Stock Exchange fell 1.96% on the day, quoted at 18.96 cents/lb, with a high of 19.38 cents/lb and a low of 18.94 cents/lb. In London, the first contract had losses of 1.40%, at US$ 527.20 a tonne. In the week, the main salary of the sweetener in the North American terminal accumulated low of 3.75%. Fundamentals weighed far more heavily on sugar prices this week than any other indicator. In Brazil, expectations are wide with the current harvest and the next one, which may be close to 600 million tons in the Center-South alone. In addition, the recent exemption for another 60 days of federal taxes on fuels weighs. The sugar-energy sector has harshly criticized the decision, as ...