Brazil’s mills have already fixed price of 21% of sugar to be exported in 2022/23

RIO DE JANEIRO, BRAZIL – Sugarcane mills have set the price for 20.9% of the sugar they intend to export in the next harvest (2022/23), which starts in April next year, according to a survey conducted by Archer Consulting up to May 31.

The percentage is equivalent to 5.3 million tons, negotiated at an average price of R$1,800 (US$358) a ton (placed in the port of Santos).

In May alone, a little over 1.2 million tons were priced at an average R$1,920 per ton. The value fell below the average achieved in the preceding month, of R$1,962 per ton.

According to Arnaldo Correa, partner director of Archer Consulting, the mills seized the “new highs reached by the market (in US cents/lb) despite a stronger Brazilian Real against the U.S. currency.

In dollars, the average set value of sugar for the next season stands at 14.25 cents/lb. The value does not consider the bias premium.

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