International sugar prices fell again in July after beginning to recover in June.
On the New York Stock Exchange (ICE Futures US), raw sugar contracts for October delivery closed the July 31 session at 18.94 cents of dolar per pound, compared to 20.30 cents on June 28, a drop of 6.7%.
Sugar futures fell on improved prospects for India’s sugarcane harvest due to above-average monsoon rains and a weaker real against the dollar, a factor that stimulates exports from Brazil, the world’s largest sugar producer.
Exports
The average daily revenue obtained from Brazilian exports of sugar and other molasses reached US$ 73.175 million in July according to partial data from the Secretariat of Foreign Trade (Secex). The average daily volume of exports reached 159.140 thousand tons in the month.
3,182,816 tons of sugar were exported in July, with revenue of US$ 1.463 billion, at an average price of US$ 459.80 per ton.
- Compared to the daily average of US$ 70.978 million in July 2023, there was a 3.1% increase in the value obtained daily by sugar exports in July 2024.
- In terms of volume, there was a 13.5% increase compared to the 140.198 thousand tons shipped daily in July 2023.
- The average price fell 9.2%, compared to the US$ 506.30 per ton recorded in July 2023.
Volume scheduled for shipments approaches 5 million tons in Brazil
The total number of ships waiting to load sugar at Brazilian ports was 111 in the week ending July 31, compared to 101 in the previous week (24), according to a survey carried out by the maritime agency Williams Brasil.
According to the report, 4.966 million tons of sugar were scheduled to be loaded, compared to 4.639 million.
The largest portion (3.822 million tons) is expected to be loaded through the Port of Santos (SP).
- Next comes the Port of Paranaguá, in Paraná (898,689 tons);
- São Sebastião, in São Paulo (82,925 thousand tons);
- Imbituba, in Santa Catarina (130,950 tons);
- Itajaí, in the same state (25 thousand tons), and Santana, in Amapá (7 thousand tons).
The sugar cargo to be exported consists of the VHP variety (4.767 million tons), TBC (163,983 tons), Refined A-45 (25 thousand tons) and Crystal B-150 (10,440 tons).
The agency’s report takes into account vessels already anchored, those offshore awaiting docking and those scheduled to arrive by September 11.