Morning Call Mar 24th, 2026

NY raw sugar market started the week slightly lower, with May 2026 down 18 points on Monday to US$ 15.52 c/lb, tracking the pullback in oil prices following signals of progress in negotiations between the U.S. and Iran.
 

Brazil: hydrous ethanol consumption totaled 1.516 billion liters in February (-11.5% YoY), reaching 3.167 billion liters year-to-date (-10.8% YoY), reflecting the loss of competitiveness versus gasoline.
 

Brazil: in contrast, regular gasoline (E30) consumption reached 3.728 billion liters in February (+9.3% YoY), totaling 7.646 billion liters since January (+5.4% YoY).
 

Brazil: as a result, the share of the flex-fuel fleet using hydrous ethanol declined by 4.5 p.p. YoY to 25.7% in February, averaging 26.1% year-to-date, indicating consumption below potential.
 

Brazil: Otto-cycle fuel consumption reached 4.790 billion liters in gasoline equivalent in February (+3.9% YoY), totaling 9.863 billion liters in gasoline equivalent year-to-date (+1.3% YoY).
 

Brazil: ethanol (anhydrous + hydrous) share in the Otto-cycle fuel market declined to 45.5% in February (-0.5 p.p.), averaging 45.7% year-to-date.
 

Brazil: B15 diesel consumption increased 0.6% YoY in February to 5.316 billion liters, a record for the month, totaling 10.660 billion liters (-1.4% YoY) year-to-date.
 

Brazil: amid the escalation of the Middle East conflict, average gasoline prices at the pump rose 2.9% WoW to R$ 6.65/liter, while ethanol prices increased 1.3% to R$ 4.70/liter.
 

Brazil: hydrous ethanol regained competitiveness versus gasoline in São Paulo (69.1%) and Mato Grosso (69.6%), and remained competitive in Mato Grosso do Sul (68.9%). These states account for 30.7% of Otto-cycle fuel consumption in 2026, versus 38.6% a year earlier.
 

Philippines: as of March 8th, cane crushing in the 25/26 season totaled 15.48 mmt (-2.5% YoY), resulting in 1.2 mmt of raw sugar production (-4.3% YoY).
 

Russia: beet planting for the 26/27 season began on March 16th, in line with last year, with planted area estimated at 1.172 million hectares, virtually flat YoY.