Morning Call May 07th, 2026

NY raw sugar market turned lower this Wednesday after the recent rally, with July 2026 down 56 points to US$ 14.81 c/lb, reflecting a new round of producer fixations.
 

Energy market gave back part of its risk premium, trading sharply lower amid signs of easing tensions between the U.S. and Iran, adding further pressure on sugar prices.
 

India: 25/26 sugar production reached 27.53 mmt as of April 30th (+7.3% YoY), with only 5 mills still operating, signaling the imminent end of the season.
 

India: sugar production in Uttar Pradesh declined to 8.97 mmt (-3.0%), while Maharashtra (+22.6%) and Karnataka (+18.8%) posted strong recoveries, with crushing already completed.
 

India: the potential contribution from the “special season” between June and July in Karnataka and Tamil Nadu is expected to add around 0.5 mmt, with marginal impact on the overall balance.
 

India: according to DATAGRO estimates, 25/26 sugar production should reach 28.3 mmt (white value), close to domestic consumption, keeping the balance tight.
 

India: the sugar sector is pushing for an early MSP revision amid compressed margins, while firmer domestic prices are limiting new deals.
 

India: the government signals maintenance of exports in the short term, with 540 k mt already shipped out of the 1.59 mmt quota, despite a recent slowdown in pace.
 

Brazil: sugar shipment nominations pace increased from 36 to 40 vessels, with a combined volume of 1.665 mmt (-25.7% YoY). China leads as the main destination with 414 k mt (24.9%), followed by Canada (14.1%) and India (13.9%), according to the DATAGRO Line-up.
 

Brazil: waiting time for berthing at CLI’s terminals 16/17, Santos port, increased from 4 to 5 days, versus 12 days in the same period last year.
 

Brazil: sugar exports (excluding container operations) totaled 1.235 mmt in April (-20.2% YoY), reaching 6.048 mmt year-to-date (-16.7% YoY), according to DATAGRO Line-up.
 

Brazil: CNPE will hold a meeting this Thursday, with expectations of raising the ethanol blend in gasoline from E30 to E32, while the increase in biodiesel from B15 to B16 remains conditional on technical tests.