SAO PAULO Biosev SA, the Brazilian sugar and ethanol maker controlled by Louis Dreyfus, posted a quarterly loss of 169 million reais ($41.72 million) on Wednesday, 66.7% smaller than a year ago, on positive currency effects as well as cost cuts, the company said.
SAO PAULO, Aug 14 Biosev SA, the
Brazilian sugar and ethanol maker controlled by Louis Dreyfus
, posted a quarterly loss of 169 million reais
($41.72 million) on Wednesday, 66.7% smaller than a year ago, on
positive currency effects as well as cost cuts, the company
SAO PAULO, Aug 5 The Brazilian government has
yet to decide whether to renew a tariff-free quota for imports
of ethanol virtually all supplied by the United States,
Agriculture Minister Tereza Cristina Dias said on Monday, as the
end of the quota approaches.
SAO PAULO, Aug 5 Chinese commodities trader
COFCO plans to increase investments in Brazilian operations as
the business environment in the country is likely to improve
after approval of economic reforms, the company's chairman,
Johnny Chi, said on Monday.
SAO PAULO Brazil's Agriculture Minister Tereza Cristina Dias, responding to criticism from environmentalists, on Monday said the government's recent accelerated approvals of agrochemicals are not detrimental to food safety and the environment.
LONDON/SAO PAULO Brazil is producing less top quality coffee this year despite a bumper crop overall because of unusual pre-harvest weather, burning some traders counting on the beans, said industry sources.
(Corrects editing errors throughout)
By Marcelo Teixeira
SAO PAULO, July 23 Brazil's sugar line-up, or
the amount of the sweetener to be loaded at local ports, plunged
in July to the lowest in at least five years, as mills refrain
from sugar export business amid declining global prices.
According to shipping agency Williams, only 745,000 tonnes
of sugar would be loaded to ships at Brazilian ports around
July, 28% less than in the same period last year, when local
production had already been reduced.
The volume is 63% smaller than in July 2017, a more normal
year in terms of Brazilian production (see table below).
At sheds 20 and 21, operated by the world's largest sugar
merchant, Copersucar SA, two ships will load 130,000 tonnes of
soybeans. In the terminal operated by Rumo, a
logistics company controlled by Cosan, which owns 50%
of No. 1 sugar producer Raízen, 10 vessels are expected to load
"Global sugar demand didn't fall, it even increased a bit,"
said Julio Maria Borges, a sugar and ethanol consultant at JOB
Economia. "But there is a lot of competition out there. Brazil
mills would have to sell very cheap to make volume, and they
don't wanna do that", he said.
While raw sugar prices remain near a 10-year low in New
York, the Brazilian currency gained almost 10% against
the dollar since May, as a crucial pension reform passed a first
test in Congress. That further reduced the incentive to export
sugar, Borges said.
"Many mills continue to focus on ethanol, which generates
quick cash," said João Paulo Botelho, a sugar and ethanol
analyst at broker INTL FCStone. "They will wait for better
prices to make and export sugar," he said.
Expectations for a higher sugar production mix in the
current Brazilian center-south cane crop did not materialize.
Production mix, or the cane allocation between sugar and ethanol
at plants, remains very similar to last year when mills
earmarked 36% of cane to sugar production, a record-low amount,
with all the rest going to ethanol.
According to cane industry group Unica, cane allocation for
sugar so far in the season was at only 34.7%.
BRAZIL SUGAR LINEUP - MID JULY
Source: Shipping agency Williams
(Reporting by Marcelo Teixeira; Editing by Steve Orlofsky)
SAO PAULO U.S. commodities trader Bunge Ltd and British energy company BP Plc said on Monday they will merge their Brazilian sugar and ethanol operations to create the world's third-largest sugarcane processor.
SAO PAULO Two more Iranian bulk carriers that came to Brazil carrying urea and were expected to return home with corn could be left without enough fuel, as Brazilian state oil firm Petrobras refuses to provide them with bunker fuel due to U.S. sanctions.
SAO PAULO/RIO DE JANEIRO Two Iranian vessels have been stranded for weeks at Brazilian ports, unable to head back to Iran due to lack of fuel, which state-run oil firm Petrobras refuses to sell them due to sanctions imposed by the United States.