Sao Paulo: Brazil’s sugar production is expected to hit a record high in the 2023/24 season, reaching 42.7 million metric tons, consultancy Job Economia said on Thursday, reported Reuters.
The forecast is up from 37 million tons in the previous season, as the weather has been near perfect for crop growth and processing.
Job Economia also sees exports reaching a record high of 32.2 million tons in the season, 2.4 million tons more than its previous estimate and compared to 27.1 million tons in 2022/23.
The rise in Brazil’s sugar production and exports is due to several factors, including favorable weather conditions, the high prices of sugar, and the limited availability of sugar from other producing countries like Thailand and India.
Mills in Brazil are allocating a near-record amount of sugarcane to make sugar, and less so to produce ethanol, as the prices for the sweetener are higher.
Job Economia projected total ethanol output at 32.9 billion liters, less than initially expected. Brazil produced 31.2 billion liters in the past season.
