CS Brazil: Rainfall Makes a Strong Dent in Cane Crushing in 1H September

● Due to rainfall, cane crushing in CS Brazil reached 30.16 mmt in 1H September, down 34.2% YoY, bringing the cumulative total since April 1 to 443.71 mmt (-1.5%), according to MAPA.

● Industrial yield came in 4.2% lower at 149.59 kg TRS/tc, with a cumulative average of 132.94 kg TRS/tc since April 1 (-1.6%).

● Despite more attractive prices, the sugar mix reached 49.26% in 1H September, down 3.9 p.p. YoY, bringing the cumulative average since April 1 to 46.39% (-6.1 p.p. YoY).

● Sugar production reached 2.12 mmt in 1H September, down 41.6% YoY, bringing the cumulative total since April 1 to 26.07 mmt (-14.4%).

● Corn ethanol production is also disappointing, with 374 million liters produced in 1H September, down 4.0% YoY.