Morning Call Apr 13th, 2026

NY May 2026 raw sugar declined 17 points in the latest session to US$ 13.75 c/lb, the lowest level in over a month, accumulating losses of 125 points during the week.
 

NY raw sugar prices reflected the assimilation of more bearish fundamentals, including greater sugar availability and an increase in the exportable surplus from Thailand and Pakistan.
 

U.S. dollar depreciated 1.2% against the Brazilian Real last Friday, reaching R$ 5.0229/US$ (Ptax), the lowest level since April 9th, 2024.
 

CFTC: funds and small specs expanded their net short position in the NY raw sugar market, rising from 80,672 lots on March 31st to 101,004 lots on April 7th.
 

CS Brazil: producer ethanol prices began to decline as availability from mills gradually increases at the start of the new crop, while demand remains cautious.
 

CS Brazil: last Friday in São Paulo, hydrous ethanol price for producers reached R$ 2.7259/liter, a sharp 6.8% weekly decline, while anhydrous ethanol traded at R$ 3.2278/liter, down 3.5% WoW, both ex-mill and net of taxes.
 

CS Brazil: in Paulínia (SP), CIF hydrous ethanol price reached R$ 2.8504/liter, net of taxes, representing a 4.5% weekly decrease.
 

U.S. ethanol exports totaled 815 million liters in February (+53.4% YoY), setting a new historic record for the month, reaching 1.625 billion liters year-to-date (+25.5% YoY).
 

U.S.: in the first two months of the year, Canada remained the largest buyer of U.S. ethanol, with 497 million liters (30.6% of the total), followed by the Netherlands (17.4%) and Brazil (14.5%).
 

El Salvador: the 25/26 crop is nearing completion, with 5.796 mmt of cane processed as of April 5th (+8.7% YoY) and sugar production totaling 679 k mt (+12.9% YoY).
 

El Salvador: DATAGRO estimates that the 25/26 crop will close with 785 k mt of sugar production, compared to 663 k mt in 24/25.
 

Mexico: as of April 4th, cumulative cane crushing for the 25/26 crop reached 34.69 mmt (-1.4% YoY), while sugar production totaled 3.72 mmt (+2.6% YoY).