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Cepea, July 2, 2024 – Average prices for the white crystal sugar in the spot market of São Paulo state finished June in a downward trend. Between June 24 and 28, the CEPEA/ESALQ Index for white crystal sugar (Icumsa from 30 to 180) averaged BRL 134.31 per 50-kilo bag, for a decrease of 1.9% compared to the previous (BRL 136.91/bag). In the accumulated of June, the Index dropped 2.17%.
Decreases in the end of the month were related to the weak demand. Players from the food industry say that sales to the retail market were moving at a slow pace; as a result, the product received through contracts was enough to keep the production and there was no need to close additional purchases. Not even the high exchange rate in Brazil and increases of demerara sugar values in the international market were able to sustain quotations in Brazil.
International price rises and the devaluation of Real led domestic prices to lose advantage over values equivalent to export, a scenario that has not been observed since the first week of April.
Between June 24 and 28, Cepea calculations show that the weekly average of the CEPEA/ESALQ Index for white crystal sugar (Icumsa 130-180) closed at BRL 134.31 per 50-kilo bag, while the average of the July/24 contract at ICE Futures closed at 144.59 BRL per bag. Thus, exports remunerated 7.65% more than sales in the spot market of SP did. This figure considered weekly averages at USD 60.08 per ton of freight and charges, USD 101.75 per ton for quality premium and dollar at BRL 5.49.
Data from Unica indicate that 10.95 million tons of sugar were produced in the Central-South in Brazil from April 1st to June 16, 2024, upping 14.42% compared to the same period last year.
(Cepea-Brazil)
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Fonte: Cepea