Morning Call Apr 17th, 2026

NY raw sugar market posted a partial recovery in a slow session, tracking the increase in oil and refined product prices. May 2026 rose 15 points to US$ 13.66 c/lb, still accumulating a 26-point decline on the week.
 

Energy market: tensions in the Middle East continued to support prices, with a U.S. naval blockade in the Strait of Hormuz and Iranian threats over flows in the Red Sea.
 

London #5: physical delivery of white sugar against May 2026 contract totaled 472,650 mt (9,453 lots), the highest volume since 2007, with a predominant origin from Thailand (413 k mt) and additional volumes from Guatemala.
 

CS Brazil: the advancement of the 26/27 crop intensified pressure on ethanol prices in the physical market, with a greater number of mills offering volumes and accelerating sales throughout the week.
 

CS Brazil: increased supply and selling pressure led to a sharper decline in prices, while also stimulating demand and boosting traded volumes.
 

CS Brazil: this Thursday, in São Paulo, hydrous ethanol prices for producers reached R$ 2.6001/liter (down 6.0% WoW), while anhydrous ethanol was traded at R$ 2.9773/liter (down 10.0% WoW), both ex-mill and net of taxes, according to DATAGRO PRA.
 

CS Brazil: in Paulínia/SP, the CIF price of hydrous ethanol reached R$ 2.6885/liter, net of taxes, down 6.9% WoW, according to DATAGRO PRA.
 

U.S. ethanol production remained stable last week at 1.120 mbpd (up 10.7% YoY). Ethanol stocks increased 2.5% in the period to 26.699 million barrels (down 0.4% YoY).
 

U.S. gasoline demand rose 6.1% WoW, totaling 9.088 mbpd (up 7.4% YoY), marking the highest level for the period since 2021.
 

El Salvador: cane crushing for the 25/26 crop reached 6.107 mmt as of April 12th (up 8.4% YoY), while sugar production totaled 717 k mt (up 12.3% YoY).
 

Philippines: cane crushing for the 25/26 crop totaled 17.62 mmt as of March 29th (down 5.7% YoY), with production of 1.38 mmt of raw sugar (down 7.1% YoY) and 438 k mt of white sugar (up 2.8% YoY).
 

Russia: beet planting for the 26/27 crop reached 260 thousand hectares as of April 7th (22.5% of the planned area), in line with the pace of the previous year, with total area estimated at 1.172 million hectares (down 2.5% YoY).