Morning Call Sep 03rd, 2026

NY #11: October 2026 rose 34 points yesterday to US$ 18.70 c/lb, the highest value for the front month since June 2022. Concerns over global supply continue to support prices amid weather risks in CS Brazil, a strong El Niño, and irregular monsoon conditions in Asia.
 

NY #11: despite the rise in prices in recent weeks, demand in the physical market remains weak, mainly due to reduced activity from China and Indonesia.
 

Brazil: sugar shipment nominations increased from 31 to 34 vessels scheduled this week to export a combined 1.546 mmt (-39.5% YoY). China (16.5%), South Africa (7.3%), and India (4.8%) are the main destinations, according to the DATAGRO Line-up.
 

Brazil: waiting time for berthing at CLI’s 16/17 terminal, Santos Port, remained stable at five days, still well below the 13 days recorded during the same period last year.
 

Brazil: according to DATAGRO Line-up estimates, sugar exports, excluding container shipments, totaled 2.531 mmt in August (-31.9% YoY).
 

Brazil: containerized sugar exports totaled 251.6 k mt in July (-16.2% YoY), bringing the year-to-date total to 1.120 mmt (-18.7% YoY), according to the DATAGRO Line-up.
 

U.S.: ethanol production remained stable at 1.110 mbpd last week (+3.3% YoY), while stocks reached 25.035 million barrels (+11.0% YoY), a new record for the period. Gasoline consumption declined 1.3% WoW to 8.922 mbpd (-2.1% YoY).
 

India: in Kolhapur, sugar prices reached INR 45,750/mt (US$ 481.68/mt), down 12.4% WoW, equivalent to US$ 22.18 c/lb for FOB raw sugar.
 

India: around 350 k mt of refinery stocks in the domestic market should improve sugar availability, in addition to imports authorized under the TRQ, with approximately 800 k mt already requested.
 

India: monsoon rainfall ended August with cumulative precipitation of 575.6 mm, 19.4% below the historical average, maintaining rainfall deficits across all regions of the country.
 

India: over the coming days, the forecast calls for rainfall exceeding 100 mm in parts of northern India and along the west coast, while the Center-South is expected to receive more moderate volumes of 15-30 mm.