U.S. corn problems boost Brazil ethanol outlook, might affect sugar [Reuters]
COSAN (CZZ)
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Source: Reuters
U.S. corn problems boost Brazil ethanol outlook, might affect sugar - Reuters 3 Min Read SAO PAULO (Reuters) - Brazilian sugar mills are closely watching the 2019 U.S. corn crop for reduced harvests that could boost prices for the cereal, raising ethanol production costs there and opening room for Brazilian ethanol to gain domestic market share. In that scenario, ethanol demand in Brazil would likely rise further, experts say, leading mills to maintain current production mix that heavily favors ethanol at the expense of sugar. Brazilian mills last season allocated an all-time low of 35% of sugarcane to sugar production, reacting to lower prices. A repeat would erase the global sugar surplus of the last two years. Corn prices have jumped more than 25% in Chicago since May because of rains that delayed corn planting and threatened production. Ethanol prices have risen more than 20%. Pedro Mizutani, vice president for strategy at Raízen, Brazil’s largest sugar and ethanol company, says t
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