Morning Call Apr 07th, 2026

NY May 2026 raw sugar posted a slight decline of 3 points in the last session, reaching US$ 14.97 c/lb, with the market showing limited reaction despite the strength in the energy complex.
 

Oil market prices moved higher again amid escalating tensions in the Middle East, following Iran’s rejection of a ceasefire proposal brokered by Egypt, Pakistan, and Turkey.
 

Brazil: the backdrop continues to imply potential pressure on fuels, with gasoline prices at Petrobras refineries still 40.3% below import parity, according to DATAGRO.
 

Brazil: sugar exports totaled 1.510 mmt in March, excluding container shipments, down 17.6% YoY, according to the DATAGRO Line-up.
 

Brazil: sugar exports from the Center-South 25/26 crop (Apr/Mar) reached 31.86 mmt, down 2.5% YoY, according to the DATAGRO Line-up.
 

India: the 25/26 crop is nearing its end amid growing expectations that sugar production may fall below 29 mmt, below domestic consumption levels.
 

India: given the surge in oil prices, the government appears increasingly inclined to further expand its ethanol program, potentially increasing blending above 20%.
 

India: as a result, the country may once again restrict sugar exports, a measure last implemented in the 22/23 crop.
 

Pakistan: the government has finalized a new national policy for the sugar-energy sector, focused on eliminating price controls, geographic restrictions, and limitations on production and trade.
 

Pakistan: the policy also proposes ending the current politically driven control over exports and imports, moving toward full liberalization from November 2026.
 

Russia: beet processing has been completed, with total white sugar production reaching 6.082 mmt, according to Soyuzrossakhar.
 

Russia: the 25/26 sugar production estimate has been revised to 6.3 mmt, slightly below the 6.4 mmt recorded in the 24/25 crop.
 

Russia: beet planting for the 26/27 crop reached 225.9 thousand hectares as of March 31st, around 20% of the planned 1.172 million hectares (-2.5% YoY), according to Soyuzrossakhar.