With low supply in the spot market, Index hits a new nominal record in Brazil

Cepea, November 17, 2020 – Crystal sugar prices continued on the rise in the spot market of São Paulo State in the first fortnight of November, having reached a new nominal record in the series of Cepea. On Nov. 13, the CEPEA/ESALQ Index for crystal sugar closed at 105.14 BRL (19.20 USD) per 50-kilo bag, 4.5% up in the fortnight.

 

This scenario is linked to the low supply of crystal sugar in the Brazilian spot market, due to the fast export pace.

 

Between April 1st and November 1st ,2020 (2020/21 season), data from Unica show that sugar production increased in central-southern Brazil, totaling 36.411 million tons. Exports accounted for 57.15% of the total, according to Secex (Foreign Trade Secretariat). Besides, high volumes have been purchased through contracts and many sugar plants have already ended sugarcane crushing, which should limit supply even more.

 

(Cepea-Brazil)

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