Morning Call Mar 17th, 2026

NY raw sugar market started the week lower, with May 2026 dropping 18 points to US$ 14.19 c/lb, accumulating a loss of 40 points on the week, influenced by the global macroeconomic environment and the stronger U.S. dollar.
 

India: cane crushing in the 25/26 crop reached 274 mmt as of March 15th (+7.7% YoY), reflecting greater cane availability in the current cycle.
 

India: in 1H March, sugar production totaled 1.5 mmt (-9.6% YoY), bringing cumulative output in the crop to 26.18 mmt (+10.4% YoY), excluding the volume allocated to ethanol production.
 

India: the number of mills in operation fell to 173 as of March 15th, compared to 200 in the same period last year, while 367 units had already ended crushing, with emphasis on Maharashtra.
 

India: among the main sugar-producing states, Maharashtra leads with 9.85 mmt (+25.3%), followed by Uttar Pradesh with 8.15 mmt (+0.7%) and Karnataka with 4.58 mmt (+17.1%).
 

India: considering the current cane crushing pace, sugar production in the 25/26 crop is estimated at 30.0 mmt, above the 26.0 mmt recorded in 24/25, according to DATAGRO.
 

Brazil: after five weeks without competitiveness, hydrous ethanol regained an advantage over gasoline in Mato Grosso do Sul, with a parity of 68.93%. The state accounts for about 1.6% of Otto-cycle fuel consumption in 2026.
 

Brazil: despite the improvement, in the same period last year hydrous ethanol was competitive in five states, which together represented 39.1% of the country’s Otto-cycle fuel consumption.
 

Brazil: driven by higher oil and energy commodity prices, gasoline prices for consumers increased in all states, lifting the national average to R$ 6.46/liter (+2.5% WoW).
 

Brazil: in São Paulo, the pump price of gasoline rose 1.9% on the week to R$ 6.28/liter, while hydrous ethanol increased 0.7% to R$ 4.47/liter, reducing parity to 71.18%.
 

Brazil: sugar exports totaled 724 k mt in the first two weeks of March, according to SECEX, with a daily average of 72 k mt, down 25.0% compared to the daily average of March 2025.
 

Egypt government extended the ban on sugar imports for the commercial market until the end of April, seeking to protect the domestic industry and regulate supply ahead of the seasonal increase in demand during Eid al-Fitr.