Morning Call Mar 30th, 2026

NY raw sugar market ended the week with a slight adjustment, as the May 2026 contract fell 11 points on Friday, but still posted a weekly gain of 6 points, closing at US$ 15.76 c/lb, supported by strength in the oil market.
 

The Brazilian real appreciated 0.8% over the week, with the Ptax at R$ 5.2376/US$, providing support to NY sugar prices.
 

CS Brazil: cane crushing reached 1.31 mmt in the first half of March (-29.7% YoY), totaling 603.67 mmt in the 25/26 crop to date (-2.2% YoY).
 

CS Brazil: industrial yield reached 99.29 kg TRS/tc in the first half of March (+0.4% YoY), averaging 138.25 kg ATR/tc in the season to date (-2.2% YoY).
 

CS Brazil: the sugar mix dropped to just 4.9% in the first half of March (-25.3 p.p.), but still reached 50.6% in the cumulative crop (+2.5 p.p.).
 

CS Brazil: sugar production totaled 40.25 mmt up to March 1 (+0.7% YoY).
 

CS Brazil: ethanol production reached 31.71 billion liters up to March 1 (-4.2% YoY), including 12.65 billion liters of anhydrous ethanol (+2.6%) and 20.31 billion liters of hydrous ethanol (-8.0% YoY).
 

CS Brazil: corn ethanol production reached 8.77 billion liters since April (+12.3% YoY).
 

CS Brazil: hydrous ethanol sales to the domestic market reached 722 million liters in the first half of March (-10.7% YoY), totaling 19.4 billion liters since April (-6.9% YoY).
 

CS Brazil: anhydrous ethanol sales to the domestic market reached 504 million liters in the first half of March (+5.2% YoY), a new record for the period, totaling 10.886 billion liters in 25/26 (+7.2% YoY).
 

CFTC: funds and small specs reduced the net short position in the NY raw sugar market by almost half, from 205,803 lots on March 17th to 103,091 lots on March 24th.
 

Argentina: the government now allows voluntary blending of up to 15% ethanol in gasoline, aiming to mitigate the impact of higher oil prices on domestic fuel costs.
 

Mexico: as of March 21, 30.38 mmt of cane had been processed in the 25/26 crop (-1.7% YoY), while sugar production reached 3.22 mmt (+2.4% YoY).
 

Mexico: sugar exports totaled 212 k mt in February (+23.5% YoY), reaching 488 k mt in the 25/26 crop to date (+0.5% YoY).