Features International Sugar Journal

Monthly Snapshot – April [Full subscriber]

Market overview On 18th March, raw sugar futures on ICE hit 18-month lows to 10.83 cents per lb. While the coronavirus pandemic is having an extensive impact on the global economy, for the sugar industry, it is the plunge in crude oil prices to US$30 and heading southwards that is of particular concern. Brazil’s state-controlled oil company Petrobras cut gasoline prices at refineries in the country by almost 10% on 12th March. This move makes retail gasoline more competitive against ethanol, possibly cutting the biofuel’s demand and prompting mills to switch production to sugar instead. Add to this the depreciation…

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