Sugar:
Brazil has been hit with an
unusually harsh winter with temperatures dropping to freezing levels for
several days, hurting crops from corn to coffee and sugar cane. The frost
follows one of the country's worst droughts in decades.
Therefore, StoneX now sees the
global 2021/22 sugar supply balance swinging to a deficit of 1 million tonnes,
from a surplus of 1.7 million tonnes seen in May.
And Karim Salamon, Wilmar Sugar
head of analysis, said that the widespread frosts will result in lower
agricultural yields leading to a cane crush of around 490-500 million tons.
Brazil's CS crushed 605 million tons last season.
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