December 6, 2018 / 10:54 PM / 6 months ago

Brazil energy prices to be 'core driver' of global sugar in 2019 -COFCO

NEW YORK, Dec 6 (Reuters) - Energy prices in Brazil should be the core driver of world sugar prices in 2019, COFCO head sugar trader Jose Eduardo Toledo said in a presentation at an industry conference on Thursday.

Brazil has dedicated a growing share of its annual sugarcane production to ethanol this season as global sugar prices have stagnated.

For the country’s 2019/20 cane crop, COFCO sees the minimum sugar mix at 33.5 percent and the maximum sugar mix at 48.6 percent.

“A lot of people noticed they could produce a lot more ethanol than they first thought,” Toledo said. (Reporting by Ayenat Mersie; Editing by Lisa Shumaker)

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