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Sugar futures contracts rose on international exchanges this Wednesday (6), reversing the declines of recent days. According to analysts consulted by Reuters, the upward movement was driven by the appreciation of the Brazilian real and the expectation of heavy rains in the main producing regions of Brazil, the world leader in sugar production and exports. Another important factor discussed in the market was the increase in Brazilian sugar exports. Data from the Secretariat of Foreign Trade (Secex) reveal a record export of the product in the first ten months of 2024, surpassing the total volume exported in 2023. According to a note from Argus, the restrictions imposed by India — the world's second largest sugar producer — on its exports increased the demand for the Brazilian product. Currently, Brazil accounts for around 70% of global exports of raw sugar. Indonesia is emerging as the main destination for Brazilian sugar,

Rabobank expects a sugar price increase of around 10 percent for the last quarter of 2024. In the longer term, the bank predicts stabilization and a gradual decline to the price level of earlier this year.

Hedgepoint Global Markets Sugar and Ethanol Analyst Lívea Coda discusses the scenarios for the markets of Brazil, India, Thailand, the European Union and the United Kingdom, Mexico, the United States, Guatemala, Ukraine, Russia and China in the Global Sugar Balance and Trade Flow