Morning Call Jun 29th, 2026

NY raw sugar market posted a strong recovery on Friday, with July 2026 rising 43 points to settle at US$ 13.98 c/lb, up 39 points on the week, supported by a combination of weather-related factors.
 

CFTC: funds and small specs increased their net short position in the NY raw sugar market from 142,174 lots on June 16th to 148,583 lots on June 23rd.
 

CS Brazil: cumulative rainfall in the region had already reached 85.9 mm by June 26th, 133% above the climatological average for the month (36.6 mm).
 

CS Brazil: rainfall-related disruptions have already resulted in an average of 7.2 lost crushing days in June, well above the 10-year average of 1.5 days.
 

CS Brazil: the weather-driven slowdown in cane crushing was the main factor supporting the producer ethanol market this week, contributing to the recent price recovery.
 

CS Brazil: in São Paulo, hydrous ethanol at the producer level was traded at an average of R$ 2.2769/liter last Friday, up 2.1% WoW, while anhydrous ethanol reached R$ 2.5928/liter, up 2.7% WoW, both ex-mill and net of taxes.
 

CS Brazil: in Paulínia (SP), the CIF price of hydrous ethanol closed the week at R$ 2.3822/liter (-10.8% YoY), according to the DATAGRO Price Reporting Agency (PRA).
 

India: monsoon rains have finally started to intensify after a prolonged period of stagnation, advancing into additional areas across the western, central, and northern regions of the country.
 

India: conditions remain concerning, with cumulative rainfall reaching only 68.5 mm through June 26th, 42% below the climatological average for the period (118.5 mm).
 

EU: the ongoing heat wave across Europe and water deficits in parts of the beet-growing regions are adding uncertainty to the global sugar balance for the next season.
 

Brazil: last week, hydrous ethanol at the pump remained competitive against gasoline in Santa Catarina (69.2%), Bahia (69.0%), the Federal District (64.0%), Goiás (63.5%), Mato Grosso (55.7%), Mato Grosso do Sul (61.8%), Minas Gerais (66.0%), Paraná (63.5%), and São Paulo (59.2%).
 

Brazil: together, these states account for 66.2% of Brazil's Otto-cycle fuel consumption. In the same period of 2025, only six states were competitive, representing 49.3% of total consumption.
 

U.S.: the White House intensified efforts to approve year-round E15 gasoline sales, urging Congress to pass legislation that would eliminate current seasonal restrictions.