Oil price drops and the beginning of sugarcane crushing in BR press down ethanol quotes

Cepea, March 18, 2020 – The beginning of sugarcane crushing at a small number of refineries in São Paulo and the steep price drops for oil worldwide pressed down ethanol quotes (hydrous and anhydrous) in the market of São Paulo State in the first fortnight of March, as well as in other states from central-southern Brazil – except in Mato Grosso.

 

Besides, the number of purchasers in the Brazilian ethanol market was low in that period, which reduced liquidity – these purchasers expect ethanol supply to be higher in the coming weeks.

 

Between March 9 and 13 was low, the CEPEA/ESALQ Index for hydrous ethanol closed at 1.9437 BRL per liter (zero ICMS and PIS/Cofins), a steep 8.9% down compared to that in the week between February 24 and 28. As regards anhydrous ethanol, the CEPEA/ESALQ Index closed at 2.1558 BRL/liter (zero PIS/Cofins), 5.3% down, in the same comparison.

 

On March 13, the ESALQ/BM&FBovespa Index for the hydrous ethanol delivered in Paulínia (SP) closed at 1,842.50 BRL/cubic meter (zero taxes), 12.8% down compared to that on February 28.

 

According to Unica (Brazilian Sugarcane Industry Association), the flow of anhydrous and hydrous ethanol from the refineries from central-southern Brazil totaled 2.28 billion liters in February, against 2.48 billion liters in January, 8.3% down.

 

(Cepea-Brazil)

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