BRAZIL: Sugar prices start 2017/18 lower than prior season
Published: 04/12/2017, 7:57:01 AM
Prices for crystal sugar in Brazil's São Paulo state at the official start of the sugarcane crushing season are 6.4% lower than the average value from the same time a year ago, according to the Centre for Advances Studies in Applied Economics (CEPEA), reports Sugaronline.
The real average for crystal sugar price in April 2016 was BRL79.04 (US$25.2) per 50 kilo bag, compared to BRL73.99 (US$23.6) per bag this month.
Some mills have been operating since mid-March, and by the end of this week most units in São Paulo state, Brazil's largest sugarcane producer region, are expected to be fully operational, according to CEPEA.
Lower quality sugar type (ICUMSA above 180) has been having larger volumes negotiated in the spot market, while the better quality type (ICUMSA up to 180) has shown stable liquidity in market trade at the start of the season.
From April 3-10, CEPEA's price indicator for crystal sugar (ICUMSA color 130 to 180) fell 0.7% to BRL73.70 (US$23.5) per 50 kilo bag.