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:
-
Other Logistics
Dec, 03, 2025
0
Deadline extended for contract signing on Santos–Guarujá tunnel project
-
Economy
Oct, 24, 2023
0
Bolivia Achieves Remarkable Reduction in Imports of Food Products
-
Ports and Terminals
Dec, 22, 2020
0
Port of Santos registers a recovery in container handling for November
-
Other Logistics
Mar, 18, 2021
0
Rumo`s new 120-wagon train increases capacity by 50%