Morning Call Apr 29th, 2026

NY May 2026 raw sugar rose 28 points in the last session to US$ 14.11 c/lb, accumulating gains of 68 points on the week, driven by a technical rebound and supported by higher oil prices.
 

CS Brazil: ethanol prices for producers have been in free fall since the start of the 26/27 crop, reflecting a repricing process amid the advance of crushing and the gradual increase in supply.
 

CS Brazil: in São Paulo, hydrous ethanol prices for producers reached R$ 2.3297/liter, down 7.0% WoW, while anhydrous ethanol was traded at R$ 2.6386/liter, down 10.7% WoW, both ex-mill and net of taxes.
 

CS Brazil: in Paulínia (SP), hydrous ethanol CIF prices reached R$ 2.4144/liter, net of taxes, down 5.7% WoW, according to DATAGRO PRA.
 

CS Brazil: ethanol market has yet to reach equilibrium, with demand testing lower price levels as supply increases, reducing ethanol’s relative attractiveness versus sugar.
 

CS Brazil: VHP sugar for export reached US$ 14.94 c/lb FOB Santos, reversing the spread relative to hydrous ethanol in the domestic market, estimated at US$ 14.91 c/lb FOB Santos, basis RP/SP, according to DATAGRO PRA.
 

CS Brazil: in inland states farther from ports, the equivalent hydrous ethanol price remains above VHP sugar export parity.
 

Brazil: last week, hydrous ethanol at the pump remained competitive versus gasoline in Mato Grosso (67.76%), Mato Grosso do Sul (67.74%), Paraná (68.56%), and São Paulo (66.72%). Together, these states account for 38.0% of Otto-cycle fuel consumption in 2026.
 

Brazil: hydrous ethanol prices at the pump declined in 18 out of 27 states, reducing the national average by 0.6% to R$ 4.66/liter last week. In São Paulo, the average price fell 1.3% to R$ 4.43/liter.
 

U.S.: governor of Kentucky signed a law establishing a state tax credit for SAF between 2029 and 2035, with credits ranging from US$ 0.50 to US$ 2.50 per gallon.
 

Ukraine: sugar beet planting for the 26/27 crop has been completed in six regions, reaching 162,800 hectares as of April 27th, equivalent to 82.6% of the planned area of 197,200 hectares.
 

EU: the President of the European Commission indicated that the bloc may consider increasing the ethanol blend in gasoline to E20 as part of the revision of the fuel regulatory framework.