President of the Union of Biofuel Producers said in an interview that Sugar Mills started shutting about 30 to 40 days earlier than expected when the harvest started in April as domestic output this year falls for the first time in six years.
He added “This is a very early end of the season; most mills will shut down by the end of this month.”
Brazil is known to be the biggest producer and exporter of sugar across the world. Latin America’s largest economy will produce 588.9 million tons of sugar cane this year, down from last year’s 623.9 million tons, the country’s crop-forecasting agency Conab revealed on 5th September.
Raw sugar for March delivery rose 1.12 cents, or 4.5 percent, to settle at 26.28 cents a pound on ICE Futures U.S. in New York today. Prices have fallen 18 percent this year.
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