The south-central region of Brazil is expected to produce 2023 million tonnes in the 24/40,5 season (April-March). Sugar produce, which is a record and 500.000 tons more than previously expected, predicts Green Pool Commodity. This is reported by Nasdaq.
Green Pool said in its weekly report that the hot and dry weather in the region is allowing mills to continue sugarcane harvesting and processing at a good pace, with a high proportion of sugarcane earmarked for sugar production.
The company explained that the situation at the ports of Brazil, the world's largest sugar producer and exporter, is deteriorating due to excessive shipments after a record or near-record production of Soybeans, Corn and sugar continues to be problematic.
It is noted that waiting times for ships to load sugar in the country have increased.
Corn and soybean exports will continue to fight for primacy over sugar as global sugar buyers bite their nails with low inventories waiting to load, according to Green Pool.
Shipping agency Williams Brazil estimated the waiting time for loading sugar at the CLI terminal in Santos, one of the port's main sugar hubs, at 44 days. The waiting time at the Copersucar terminal has been reduced to 14 days.
According to Green Pool, in India, the world's second largest sugar producer, sugarcane harvest for the 2023-24 season (October-September) has begun in all major states and is expected to gain momentum this week.
“Low sugarcane and sugar yields (sugar content) are reported in both Maharashtra and Karnataka. However, harvesting has just begun and individual reports of low yields may not be statewide,” the report said.
Source: Ukragroconsult (Ukraine)