The Brazilian sugarcane crop has been moving at a slower pace compared with the prior 2020-21 crop cycle, as the current crop has been suffering the effects of severe dry conditions.
As a reference, sugar production from April 1 to July 1 added 12.2 million tons, down 8.16%, or nearly 1.1 million tons, year on year.
Despite the scenario of reduced sugar production and strong concerns about further crop losses, the wide carry strategy has triggered the collapse in the Brazilian cash premium to prompt shipment.
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