More Commodities - Sugar

Sugar: high prices fail to impress buyers

July 5, 2023 at 10:21 AM , Der AUDITOR
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BRASÍLIA/BRUSSELS. Grounds are slippery in Brazil’s sugar market as local traders do not only need to keep a close eye on quotations in New York and London but are also confronted with manipulation and fraud. The EU may not be Brazil’s top export destination, but raw cane sugar imports have soared despite prices being high.

Traders confronted with fraud and manipulation in Brazil

Sugarcane crushing is underway in Brazil with the mills eager to allocate large volumes to sugar rather than to ethanol as prices are highly attractive. Quotations in fact peaked in London and New York in April and still come close to this level. The United States Department of Agriculture’s Foreign Agricultural Service (FAS) projects the country’s sugarcane crop at 661.4 million mt in 2023/2024, which is 6.5% up on 2022/2023, due to favourable weather conditions and prices. Estimates also state th

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