Brazilian sugar prices got stable in the second week of September¸ after almost eight weeks moving down. The CEPEA/ESALQ Index for crystal sugar averaged 17.68 dollars per bag of 50 kilos on Sep 15, almost unchanged from Sep 11. Between Sep 1st and 18, prices downed 3.7 percent.
The domestic prices, in dollar, started to move up from Sep 13 on, supported by the increasing futures in New York Board of Trade (Nybot). The international market has been focused on the mix of production in Brazil, expecting more ethanol than sugar.
But fundaments are not only positive. Major global producers, especially Brazil, have been supplying in the international market, pressing down prices. Besides, harvest started in Northeasterner of Brazil two weeks ago.
In the Center-Southerner, the crop processing should be completed by the end of November and the first quince of December.