Sugarcane production in Brazil is likely to increase this year with more cars using ethanol than last year, said broker and analyst StoneX, reports Reuters.
As per the report of StoneX, biofuel use in Brazil is likely to grow 5.4% from 2022 to 16.4 billion liters.
Most cars in Brazil are equipped with flex fuel and the drivers prefer to use cheaper fuel.
The hydrous ethanol demand could get an extra boost if the federal taxes are reinstated to fuels in Brazil, said StoneX.
