BRAZIL: Dry weather increases sugar production in São Paulo
Published: 05/16/2018, 5:43:58 PM
Crystal sugar prices fell in São Paulo state in the week between May 7-14 due to increased sugar production, according to the Centre for Advanced Studies on Applied Economics (CEPEA), reports Sugaronline.
“Although the production mix indicates that the 2018/19 crop will be more focused on ethanol, the dry climate has accelerated sugarcane harvesting in São Paulo crops and, consequently, increased sugar production,” researchers at CEPEA wrote in a note published on the centre's website.
CEPEA/ESALQ index for crystal sugar (Icumsa, 130-180) fell 5.4% in the São Paulo market last week, closing at BRL52.68 (US$14.53) per bag of 50 kilos (kg) on Monday (14).
The retreat in sugar prices was also influenced by the prices of demerara sugar in New York, which have been declining since March.