Morning Call Mar 16th, 2026

NY raw sugar market traded sideways on Friday, with May 2026 slipping 1 point to US$ 14.37 c/lb, still accumulating a 27-point gain on the week. In recent sessions, prices have reacted mainly to the macroeconomic environment, while sugar fundamentals appear largely priced in.
 

CFTC: funds and small specs reduced the net short position in the NY raw sugar market, moving from 241,377 lots on March 3rd, to 207,886 lots on March 10th.
 

Brazil: Petrobras raised diesel prices by 11.5% starting March 14th; considering the mandatory 15% biodiesel blend, the potential impact at the pump would be around R$ 0.32/liter.
 

Brazil: even after the adjustment, diesel prices at Petrobras refineries remain 20% below import parity, according to estimates from DATAGRO.
 

CS Brazil: DATAGRO survey with 102 mills indicates that the 26/27 crop should start relatively early, with 25.5% of them planning to begin crushing in March – volumes crushed until March 31st will account as 25/26 crop.
 

CS Brazil: for April, around 57% of mills intend to start the crop in the first half of the month, above the 49.6% recorded during the same period of 2025.
 

CS Brazil: only 1% of mills indicated to start in 1H May, compared to 8.6% in the same period last year, reinforcing expectations of an earlier crushing calendar.
 

CS Brazil: despite plans for an early start, the calendar still depends on weather conditions, as more frequent rains in March could delay the beginning of the crop, while the possible occurrence of El Niño in 2026 could bring above-average rainfall in the second half of the year.
 

CS Brazil: ethanol market for producers in São Paulo operated at a slow pace, with negotiations concentrated in interstate flows, mainly from Mato Grosso do Sul and Goiás into the state.
 

CS Brazil: hydrous ethanol price for producers in SP reached R$ 2.9676/liter on Friday (+0.7% WoW), while the anhydrous ethanol price fell 1.3% over the same period to R$ 3.2522/liter, both ex-mill and net of taxes, according to DATAGRO PRA.
 

CS Brazil: CIF price of hydrous ethanol in Paulínia (SP) reached R$ 3.0423/liter (-0.9% WoW), net of taxes, according to DATAGRO PRA.
 

Mexico: as of March 7th, 25.96 mmt of cane had been crushed in the 25/26 crop (-2.1% YoY), resulting in sugar production of 2.71 mmt (+2.1% YoY).