Ethanol stockpiles in Brazil are swelling due to motorists favoring cost-effective gasoline, challenging the country's prominent sugarcane producers and leading to an increase in sugar production.
In the recent quarter, ethanol inventories of Brazil's major producer, Raizen SA, surged notably from the preceding three months.
This surge came as the company curtailed sales, hoping for better market prices, shared CFO Carlos Moura. In response, Raizen is boosting its sugar production.
Raizen's biofuel segment downturn affected its quarterly results, resulting in the recent profit drop.
This decline mirrors trends competitors like Sao Martinho SA and Jalles Machado. . .
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