Sugar glut pushes Brazil mills into ethanol, white sugar, washouts [Reuters]
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Source: Reuters
Sugar glut pushes Brazil mills into ethanol, white sugar, washouts | Reuters 3 Min Read RIBEIR?? PRETO, Brazil, March 16 (Reuters) - Brazilian mills are doing everything they can to keep raw sugar off the global market as Brazil’s cane harvest kicks off, to avoid worsening a glut that has driven prices to their lowest in two years. With the benchmark raw sugar contract trading below 13 cents per pound in New York and production costs in Brazil’s center-south varying from 13.5 cents to 15 cents, directors of sugar companies are weighing bold moves to avoid negative profit margins. “We have to cut the supply of sugar to help reduce the global surplus,” said Hugo Cagno, a partner along with French sugar group Tereos in the Vertente mill, in the town of Guaraci, deep in Brazil’s main cane belt in the state of Sao Paulo. This week Datagro analysts said they expect Brazilian producers to cut sugar volumes in the 2018/19 center-south crop area to 31.6 million tonnes, from 36 million tonnes a
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