Morning Call Jun 22nd, 2026

NY July 2026 raw sugar settled the week at US$ 13.59 c/lb, down 11 points over the period and marking the lowest front-month level since April 23rd, reflecting the perception of ample sugar availability in the global Trade Flow.
 

NY #11: recovery attempts were quickly reversed amid the reduction of geopolitical risk premiums in the Middle East and the strengthening of the U.S. dollar, maintaining the market's bearish bias.
 

CS Brazil: frequent rainfall and lower temperatures continue to affect the pace of the 26/27 crop, with an average of 4.5 crushing days lost in June through the 18th, above the historical average for the period.
 

CS Brazil: the greatest impacts were recorded in Paraná and São Paulo, with some mills remaining idle for up to seven days; a new cold front could trigger further disruptions in the coming days.
 

CS Brazil: if this wetter weather pattern persists throughout the winter, mills may be forced to extend crushing operations to recover part of the lost time or carry over cane into the 27/28 crop.
 

CS Brazil: beyond operational impacts, recurring rainfall may reduce the TRS content of the cane and affect the production mix.
 

CS Brazil: ethanol market for producers remained sluggish, with mills holding firm on asking prices while buyers maintained a cautious stance; rainfall provided temporary support to prices, although expectations remain for increased pressure once crushing operations resume.
 

CS Brazil: in São Paulo, hydrous ethanol was traded at R$ 2.2304/liter last Friday, up 1.1% WoW, while anhydrous ethanol was traded at R$ 2.5245/liter, up 0.7% WoW, both ex-mill and net of taxes.
 

CS Brazil: in Paulínia (SP), the CIF price of hydrous ethanol settled the week at R$ 2.3419/liter, net of taxes, up 1.4% on the week, according to DATAGRO Price Reporting Agency (PRA).
 

CS Brazil: export parity price of VHP sugar reached US$ 13.90 c/lb FOB Santos, 4 points below the return from hydrous ethanol in the domestic market, equivalent to US$ 13.94 c/lb FOB Santos, basis RP/SP.
 

China: sugar imports totaled 210 k mt in May (-40.0% YoY), bringing cumulative imports since the start of the 25/26 crop to 2.630 mmt (+25.7% YoY).
 

China: the 25/26 crop was officially completed in Guangxi, the country's main sugar-producing province, with sugar production reaching 7.697 mmt (+19.1% YoY).