Morning Call Apr 01st, 2026

NY raw sugar market moved lower again in a session without direction, with May 2026 down 3 points to US$ 15.52 c/lb. Losses were limited by the weaker U.S. dollar against the Brazilian Real (-0.8% WoW; R$ 5.2194/US$), while longer maturing contracts fell by up to 13 points.
 

India: 25/26 crop is in its final stage with only 74 mills operating on March 31st, out of a total 541 units, compared to 113 mills a year ago.
 

India: according to NFCSF, cane crushing in the 25/26 crop reached 283.54 mmt through March 31st (+6.8% YoY), driven by greater cane availability and improved operational efficiency.
 

India: in 2H March, sugar production totaled only 945 k mt (-16.7% YoY), reaching 27.12 mmt cumulatively through March 31st (+9.1% YoY).
 

India: Maharashtra leads sugar production this season, with 9.9 mmt as of March 31st (+23.5% YoY), followed by Uttar Pradesh and Karnataka.
 

India: even considering off-season crushing in Tamil Nadu in June, India may end the 25/26 crop with sugar output below 29 mmt, broadly in line with domestic consumption.
 

India: only 610 k mt of sugar have been shipped out of the 2.0 mmt export quota. Despite the depreciation of the rupee against the U.S. dollar, there are no reports of new export deals amid recovering domestic prices.
 

Brazil: vessel Easterly Birdie has been nominated to export 28 million liters of ethanol from the port of Santos to the U.S. in 1H April, according to the DATAGRO Line-up.
 

Brazil: ethanol exports totaled 47 million liters in March (-68.7% YoY) and 205 million liters in 1Q 2026 (-37.6% YoY), according to the DATAGRO Line-up.
 

Pakistan: according to PSMA, sugar production in the 25/26 crop reached around 7.5 mmt as of March 25th and is expected to reach 7.7 mmt by the end of the crushing season.
 

Pakistan: with total sugar availability estimated at 8.071 mmt, PSMA is urging the government to authorize exports of the surplus and move forward with sector deregulation.
 

Pakistan: PSMA is also proposing to resume ethanol blending, suggesting E20, while the government has been considering allowing voluntary E5 since January, aiming to reduce fuel imports.