News

Brazil: With production 50% higher in the first 15 days of May, sugar prices plummet on the US and UK stock exchanges

Sugar
United States
United Kingdom
Brazil
Published May 27, 2023

Original content

According to data from Unica - Union of the Sugarcane and Bioenergy Industry, released yesterday, sugarcane crushing in the south-central region of Brazil, the main producer of the raw material, totaled 43.98 million tons in the first fortnight of May, an increase of 28.25% compared to the same period of the 2022/23 harvest and above estimated projections. Sugar production in the center-south in the period reached 2.53 million tons in the first half of the month, against 1.68 million tons in the same half of 2022. Ethanol production totaled 1.91 billion liters in the fortnight . On ICE Futures in New York, Thursday was bearish for almost all lots of raw sugar, with the exception of May/25, which closed 3 points higher. The most liquid contract, maturing in July/23, closed yesterday at 24.83 cents per pound, down 66 points compared to the prices of the previous day. On the other hand, the October/23 display dropped 61 points, at 24.60 cts/lb. The other contracts retreated between 2 ...
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