Morning Call Jul 06th, 2026

NY #11: supported by the incorporation of a weather risk premium, the NY raw sugar market ended the week higher, with October 2026 gaining 34 points to settle at US$ 14.85 c/lb.
 

Brazil exported 3.125 mmt of sugar in June (-7.1% YoY), bringing cumulative exports since January to 12.273 mmt (-4.6% YoY), according to SECEX.
 

China was the main destination for Brazilian sugar in June, with 548 k mt (17.5% of the total), followed by Saudi Arabia (7.8%) and India (5.6%).
 

Brazil: in 1H 2026, India was the main destination for Brazilian sugar, with imports totaling 1.081 mmt (8.8% of the total), up 21.0% YoY.
 

Brazil exported only 68 million liters of ethanol in June (-49.5% YoY), bringing cumulative exports since January to 344 million liters (-54.0% YoY), the weakest performance for the period since 2003.
 

Brazil: despite ample domestic availability and lower prices in the domestic market, Brazilian ethanol continues to face difficulties in the international market due to the greater competitiveness of U.S. ethanol.
 

Brazil: in 1H 2026, the Netherlands remained the main destination for Brazilian ethanol, with imports totaling 116 million liters (33.6% of the total), followed by South Korea (26.5%) and the U.S. (19.1%).
 

Indonesia imported 362 k mt of sugar in May (+32.5% YoY), bringing cumulative imports in 2026 to 1.753 mmt (+9.1% YoY).
 

Indonesia: based on the volume imported so far in 2026, the country has already utilized 56.2% of its sugar import quota for the year, above the 42.3% recorded during the same period last year.
 

Indonesia: from January to May, Thailand remained Indonesia's main sugar supplier, with exports totaling 1.456 mmt (83.0% of the total), followed by Australia (12.6%) and Brazil (3.8%).
 

Mexico: cane crushing in the 25/26 crop reached 49.32 mmt through June 27th (+8.0% YoY), while sugar production totaled 5.30 mmt during the same period (+11.3% YoY).