Morning Call May 28th, 2026

NY July 2026 raw sugar fell 40 points to US$ 14.14 c/lb, its lowest level since April 28th, reflecting developments in the oil market and the release of UNICA data for the 26/27 Center-South Brazil crop.
 

CS Brazil: cane crushing reached 40.06 mmt in 2H April (+123.1% YoY), according to UNICA, the highest volume ever recorded for the period and totaling 60.46 mmt in the cumulative 26/27 crop (+74.6% YoY).
 

CS Brazil: industrial yield increased 6.3% to 116.89 kg/tc in 2H April, raising the cumulative average since April 1st to 112.58 kg TRS/tc (+5.4% YoY).
 

CS Brazil: sugar production mix declined 5.35 p.p. YoY to 40.34% in 2H April, with an average of 38.16% since April 1st (-7.07 p.p. YoY).
 

CS Brazil: sugar production totaled 1.800 mmt in 2H April (+109.5% YoY), bringing cumulative output in the 26/27 crop to 2.475 mmt (+55.2% YoY).
 

CS Brazil: ethanol production increased 105.8% YoY to 2.039 billion liters in 2H April, of which 392 million liters were produced from corn (+9.4% YoY).
 

CS Brazil: since April 1st, total ethanol production reached 3.288 billion liters (+71.8% YoY), including 804 million liters from corn (+12.2% YoY).
 

CS Brazil: hydrous ethanol sales by mills to the domestic market totaled 1.746 billion liters in April (-4.3% YoY), while anhydrous ethanol sales reached 950 million liters (+5.0% YoY), a new record for the month.
 

Brazil: CNPE meeting to deliberate on the increase of the anhydrous ethanol blend in gasoline to E32 is expected to take place in 1H June, according to the Minister of Development, Industry, Trade and Services.
 

Brazil: approval of E32 is considered certain according to the minister, and may initially be implemented on a provisional 180-day basis, renewable for an additional 180 days. The measure could increase annual anhydrous ethanol demand by approximately 930 million liters.
 

Argentina: ethanol production reached 80 million liters in April (-9.3% YoY), totaling 386 million liters year-to-date (+1.1% YoY), according to the Secretariat of Energy.
 

India: the spread of the “Black Champa” pyrilla pest in Uttar Pradesh and other states is raising concerns over productivity losses and negative impacts on sugar recovery in the next crop.