Morning Call Apr 08th, 2026

NY May 2026 raw sugar fell 39 points in the last session to US$ 14.58 c/lb, with the forward curve also declining, though with less pronounced losses in longer maturities of up to 26 points.
 

Brazil: sugar exports totaled 1.806 mmt in March (-1.4% YoY), reaching 6.048 mmt in 1Q 2026 (+5.8% YoY).
 

India was the main destination for Brazilian sugar in March, with 382 k mt (21.1% of total), followed by Nigeria with 194 k mt (10.7%) and Algeria with 158 k mt (8.7%).
 

CS Brazil: sugar exports reached 31.136 mmt in the 25/26 crop, a slight decline of 1.7% compared to the 24/25 crop.
 

Brazil: ethanol exports totaled 73 million liters in March (-68.4% YoY), reaching 176 million liters in 1Q 2026 (-61.1% YoY).
 

 South Korea was the main destination for Brazilian ethanol in March, with 37 million liters (50.6%), followed by Ghana (25.3%) and the Netherlands (12.7%).
 

Brazil: ethanol imports reached 138 million liters in March, the highest level for the month since 2020, totaling 353 million liters in 1Q 2026 (+449.8% YoY).
 

Brazil: with the opening of the import arbitrage window via the Port of Suape (PE), the U.S. led ethanol supply with 246 million liters (69.6%), followed by Paraguay (22.8%) and Argentina (7.6%).
 

Brazil: last week, hydrous ethanol at the pump remained competitive against gasoline in Mato Grosso (68.44%), Mato Grosso do Sul (68.10%), Roraima (69.87%), Paraná (69.55%), and São Paulo (67.56%).
 

Brazil: together, these states account for 37.9% of Otto-cycle fuel consumption in 2026, compared to 53.8% in the same period last year.
 

Brazil: in the state of São Paulo, the average hydrous ethanol price at the pump fell 0.4% WoW to R$ 4.52/liter, while gasoline prices remained stable at R$ 6.69/liter.
 

Guatemala: as of March 29th, cane crushing reached 20.07 mmt in the 25/26 crop (+3.2% YoY), while sugar production totaled 2.12 mmt (+6.8% YoY).