Morning Call Jun 18th, 2026

NY raw sugar market remained directionless, with July 2026 gaining just 3 points to US$ 13.85 c/lb. The perception of a large surplus in the global sugar Trade Flow and weak international demand continue to limit more meaningful price recoveries.
 

CS Brazil: according to MAPA, cane crushing reached 41.23 mmt during 2H May (-12.9% YoY), impacted by rainfall across key producing regions.
 

CS Brazil: according to DATAGRO, rainfall resulted in the loss of 1.1 crushing days during 2H May. Even so, cumulative crushing in the 26/27 crop reached 146.10 mmt (+16.2% YoY).
 

CS Brazil: on average, mills reduced the sugar production mix by 7.1 p.p. to 44.53%, while industrial yield remained virtually stable at 125.29 kg TRS/mt.
 

CS Brazil: sugar production totaled 2.19 mmt during 2H May (-24.8% YoY), bringing cumulative 26/27 crop output to 6.81 mmt (-3.1% YoY).
 

CS Brazil: total ethanol production reached 2.10 billion liters during 2H May (+2.8% YoY), of which 411 million liters were produced from corn (+9.2% YoY).
 

CS Brazil: sugar inventories reached 4.993 mmt on May 31st (+24.3% YoY), reflecting the strong pace of cane crushing in the region and the slow pace of export shipments.
 

Brazil: sugar shipment nominations increased from 43 to 44 vessels this week, totaling 1.878 mmt (-20.4% YoY), with China leading destinations with 565 k mt (30.1%), followed by Algeria (5.3%) and Indonesia (4.3%), according to the DATAGRO Line-up.
 

Brazil: waiting time for berthing at CLI 16/17 terminals, Santos port, increased from 10 to 15 days, compared to 9 days in the same period last year.
 

U.S. ethanol production declined 0.5% in the week ended June 12th, reaching 1.102 mbpd (-0.6% YoY), while inventories remained stable at 24.474 million barrels (+1.4% YoY).
 

U.S. gasoline demand showed a more significant recovery, rising 5.5% during the week to 9.212 mbpd (-0.9% YoY).
 

India: forecasts indicate limited monsoon progress over the next 10 days, with rainfall expected to remain restricted in Uttar Pradesh and accumulations ranging from 15 mm to 40 mm in Maharashtra.
 

Thailand: the rainfall outlook remains favorable, with precipitation between 50 mm and 100 mm across key cane-growing areas, potentially exceeding these levels in some locations.