Brazil: Sugar Semi-annual
Link to report:
Post forecasts Brazil’s marketing year (MY, April – March) 2023/2024 sugarcane crush at 652 million metric tons (MMT), an increase of five percent compared to the final estimate for MY2022/23 (621 MMT). Sugarcane fields have performed well so far in 2023/24 due to good weather conditions. The Center South region production forecast remains at 590 MMT of sugarcane for MY2023/24. The sugarcane harvest started in April 2023 and the sugar/ethanol sector expects higher production compared to last MY. The total sugar production for MY2023/24 is estimated at 41 MMT, raw value. Post maintains the forecast of Brazil’s sugar exports for MY2023/24 at 32.5 MMT, raw value, due to higher sugar exportable surplus. On July 19,2023, USTR announced the establishment of the in-quota quantity for raw cane sugar for FY2024. Brazil, the second-largest recipient of the U.S. sugar tariff quota, was allocated 155,993 metric tons.
