Morning Call Jun 05th, 2026

NY raw sugar market remains trapped within the two-month range, struggling to sustain any meaningful recovery – July 2026 contract edged up just 3 points to US$ 14.27 c/lb yesterday. Macro factors — oil prices, the exchange rate, and geopolitical developments — have been the dominant swing factors in the market.
 

Brazil exported 1.966 mmt of sugar in May (-11.9% YoY), with Bangladesh (13.6%), Nigeria (10.7%), and Algeria (10.2%) leading purchases during the period.
 

Brazil exported 9.168 mmt of sugar from January through May (-3.4% YoY). India was the main destination, while China and Indonesia significantly reduced their imports.
 

Brazil exported only 17 million liters of ethanol in May (-79.1% YoY), the lowest volume for the month since 2001. Year-to-date shipments total 281 million liters (-53.7% YoY).
 

Brazil: from January through May, the Netherlands was the main destination for Brazilian ethanol, importing 90 million liters (+142.2% YoY), while the U.S. (-59.4%) and South Korea (-78.4%) reduced their purchases.
 

Brazil: ethanol imports totaled just 5 million liters in May (-88.2% YoY). Year-to-date, however, imports reached 375 million liters (+149.6% YoY), with the U.S. accounting for 66.9% of the total.
 

Brazil: sugar shipment nominations increased from 45 to 49 vessels this week, totaling 2.037 mmt (-15.9% YoY), with China leading destinations with 433 k mt (21.3%), followed by Algeria (9.8%) and Nigeria (9.0%), according to the DATAGRO Line-up.
 

Brazil: waiting time for berthing at CLI 16/17 terminal, Santos port, increased from 11 to 12 days, still below the 16 days recorded in the same period of 2025.
 

Russia: sugar production reached 74 k mt in April (+16.2% YoY), bringing cumulative 25/26 crop output to 6.32 mmt (+0.4% YoY).
 

U.S. ethanol production increased 1.7% last week to 1.108 mbpd (+0.3% YoY), while inventories declined 1.4% to 24.606 million barrels (+0.7% YoY).
 

U.S. gasoline demand fell 7.2% during the opening week of the country's summer driving season, averaging 8.594 mbpd (+4.0% YoY).