Morning Call May 04th, 2026

NY raw sugar market posted a slight decline in a technical correction following recent gains, with May 2026 down 10 points to US$ 14.58 c/lb, while July 2026 fell 16 points to US$ 14.61 c/lb.
 

NY #11: preliminary data shows delivery against May 2026 totaled 483,413 mt, the lowest volume since 2022, with Alvean as sole receiver. ICE Futures is set to release the official data today with further details.
 

CFTC: funds and small specs reduced their net short position in the NY raw sugar market from 156,138 lots on April 21st, to 128,503 lots on April 28th.
 

CS Brazil: cane crushing in the 26/27 crop reached 19.96 mmt in 1H April (+19.7% YoY), supported by a higher number of mills in operation and agricultural productivity gains.
 

CS Brazil: industrial yield remained broadly stable at 103.36 kg TRS/mt (-0.1% YoY), while the sugar production mix declined 11.78 p.p. to 32.93%, indicating a more ethanol-oriented start to the crop.
 

CS Brazil: sugar production totaled 647 k mt in 1H April, down 12.0% YoY. Total ethanol production rose 33.3% to 1.23 billion liters during the same period.
 

CS Brazil: for the final 25/26 crop results, cane crushing reached 611.15 mmt (-1.7% YoY), right in line with DATAGRO’s initial estimate of 612 mmt first published in March 2025.
 

CS Brazil: sugar production in 25/26 reached 40.43 mmt (+0.6% YoY), with sugar mix at 50.38% (+2.32 p.p. YoY). Industrial yield declined 2.3% to 137.79 kg TRS/mt.
 

CS Brazil: total ethanol production in 25/26 stood at 33.72 billion liters (-3.6% YoY), of which 9.19 billion liters were corn-based (+12.3%).
 

CS Brazil: hydrous ethanol sales by mills to the domestic market totaled 1.659 billion liters in March (-3.0% YoY), closing the 24/25 crop at 20.34 billion liters (-6.4% YoY).
 

CS Brazil: anhydrous ethanol sales to the domestic market reached 1.089 billion liters in March (+4.8% YoY), totaling 13.04 billion liters in 25/26 (+7.1% YoY).
 

Philippines: cane crushing in the 25/26 crop totaled 19.43 mmt as of April 12th (-2.2% YoY), with raw sugar production at 1.53 mmt (-3.8%) and white sugar at 478 k mt (+2.9%).
 

Philippines: the USDA revised down its 25/26 raw sugar production estimate to 1.95 mmt, below the initial forecast and the previous crop, in line with local projections.