Firm market at the beginning of September

Brazilian sugar prices were firmer in this first fortnight of September. The CEPEA/ESALQ Index for crystal sugar (Sao Paulo state) averaged 25.31 reals or 13.31 dollars per bag of 50 kilos on Sept 14th, upping 0.56 percent in Real over August 31st. Some mills retreated, betting on higher values. Moreover, buyers were more willing to trade in the spot market. Even though, the volume purchased was small.

In August, the Index averaged 25.18 reals or 12.85 dollars per bag, increase 3.26 percent in Real over July, but dropped 42.9 percent in relation to the same period last year.

According to the second Conab's forecast, the Brazilian sugarcane production should total 547.2 million tons in the 2007/08 crop, volume 15.2 percent superior to that of the 2006/07 crop. The cultivated area, in turn, should reach 6.9 million hectares (raise of 12.3 percent).

The international values have also been having small changes. Fundaments, in turn, keep marking a downward trend - new forecasts about the global sugar production show an enlargement in the supply.


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