FlashMarket n°18 - 05/05/2009
On 1 May, white sugar prices in London were stable at 442 $/t (334 €/t) for August short settlement dates while raw sugar closed on a rising note at 15.05 cts/lb (331.8 $/t) for July settlement dates. On average, both white and raw sugar prices have continued to rise over the last two weeks, gaining 5% and 8% respectively. Turning to energy prices, ethanol on the US market benefitted from the slight recovery in the price of oil (53.2 $/barrel of crude for short settlement dates on 1 May) and gasoline (40 $/hl), and was trading at 43.2 $/hl, while Brazilian ethanol fell back to 31.4 $/hl after a slight rise the week before (P.5).
On the foreign exchange market (P.8), the dollar is falling against the other currencies (except the Mexican peso), tending to reduce the effective rise in sugar prices in local currencies.
Finally, if confirmed, current low freight costs (P.9) should make Brazilian exports more competitive, especially to India.
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