Sao Paulo: According to the Dimitri Varsano, co-head of sugar trading at Sucden, the congestion at major Brazilian ports for agricultural commodities exports may worsen the tightness in the global sugar market.
In an interview with Reuters, Varsano mentioned that the loading of sugar at the Santos port is experiencing delays of up to 35 days, and these delays could intensify if there are additional rains in November. Such a situation could potentially drive sugar prices higher.
He also noted that Brazil’s record sugar season won’t be sufficient to compensate for poor crops in other regions, pointing to production issues in India, Thailand, Mexico, and the United States, all due to unfavorable weather conditions.
