Sugar shipments queue grows in Brazil; August exports up 30%

The queue of ships awaiting sugar cargo loads to arrive at ports has lengthened this month in Brazil. Government data released on August 15 showed that exports are on track for a 30% hike in August.

Data from the shipping agency Williams showed that 86 ships are expected to carry 3.6 million tonnes of raw sugar, mainly for export at Brazilian ports today.

At the same time last year, there were only 36 ships scheduled to carry 1.32 million tonnes of sugar.

Data from the country’s Foreign Trade Secretariat indicate that until the second week of August, the average daily volume of sugar exports was 150,580 tonnes, 30% above the volume registered in the same month of the previous year.

See below the track record of the volume of sugar shipped by Brazil between January 2021 and June 2022. Datamar’s business intelligence team gathered the information below through the DataLiner platform.

Sugar Exports from Brazil | Jan 2021 – Jun 22 | WTMT

Source: DataLiner (click here to request a demo)

Brazil’s sugar industry has had a slower start to the season this year as dry weather hampered cane development, but operations have advanced recently.

“Demand is strong, and weather concerns may have anticipated demand,” a US sugar trader says.

Dry weather in parts of Europe has reduced sugar beet production. There were also reports of weather problems on plantations in China.

These factors, the trader says, may have led importers to seek additional cargoes of Brazilian sugar as collateral.

The operator also said that the inverted sugar futures market signals a tight supply-side situation, with spot contracts at higher prices than those further afield.

Source: Valor Econômico

To read the full original article, please go to: https://www.moneytimes.com.br/fila-para-carregar-acucar-no-brasil-aumenta-exportacoes-em-agosto-sobem-30/

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