![SUGAR-CUBES Índia subsídio açúcar - indian sugar](https://www.datamarnews.com/wp-content/uploads/2019/08/SUGAR-CUBES.jpg)
NYSE: FX rates and oil drive sugar prices
Jun, 25, 2021 Posted by Ruth HollardWeek 202126
Sugar followed the rise of oil prices and the appreciation of the real against the dollar and rose on the New York Stock Exchange on Thursday. Sugar futures for October – the most heavily traded now – advanced 1.35% (23 points) to 17.24 cents per pound.
When oil rises, the demand for ethanol grows, a fuel that, like sugar, is derived from sugarcane. The Brent Crude price for August advanced 0.49% to $75.56. And the rise in the real, in turn, discourages exports from Brazil, the largest global producer of the sweetener, forcing buyers to offer more for the product. Yesterday, the dollar fell 1.16% to R$4.9034.
In terms of supply and demand, there are still concerns about Brazilian sugarcane fields, but a global sugar surplus in the 2021/22 season is forecast.
Source: Valor Econômico
To read the full original article, visit the link:
-
Meat
Oct, 06, 2020
0
Chilean beef exports rose 36% YoY in first 8 months of 2020
-
Shipping
Sep, 15, 2021
0
Hapag-Lloyd confirms halt in rate increase
-
Meat
Sep, 01, 2023
0
Brazil becomes world’s first country allowed to export chicken to Israel, Ministry says
-
Meat
Apr, 28, 2022
0
Safras & Mercado: Brazilian beef exports grew 30% in the first quarter