Prices drop in off-season period

Brazilian hydrated ethanol prices dropped from February 9th to 13th - vespers of the new crop beginning (2009/10) in the Center-Southern region. This did not happen since December (week closed on Dec 12th). The CEPEA/ESALQ Index (Sao Paulo state) for this type averaged 0.7850 real or 0.3454 dollar per liter (excluding taxes), down 4.35 percent in Real from the previous period. For anhydrous, prices kept decreasing - the Index averaged 0.8667 real or 0.3814 dollar per liter (excluding taxes), dropping 1.27 percent in Real. Some mills enlarged the supply, in order to make cash and also due to the proximity of 2009/10 crop beginning. Moreover, the lower demand reinforced the decreases.

At Sao Paulo Mercantile Exchange (BM&FBovespa), ethanol (fuel anhydrous) futures have not been settled since February 3rd, after the contract February/09 had expired.

Regarding the price parity calculated by Cepea, the sugar remunerated 57 percent more than anhydrous ethanol between Feb 9th and 13th. In relation to the hydrated, the sugar advantage was of 64 percent. Comparing the two types of ethanol, the anhydrous remunerated 4 percent more than hydrated in the same period. (Cepea - Brazil)

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