Brazilian Real's Dip Seen Increasing Sugar Supply

Posted by BorsaStreet.com on Monday, September 26, 2011
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Brazil's sugar production figures from the first two weeks of September, due out Tuesday, may show an increase from the real's tumble, and subsequently pressure futures prices. Industry group Unica is expected to release the data Tuesday afternoon. "It's likely to be bearish because [farmers] will have wanted to sell more," says Juliano Ferreira, an analyst at ICAP Futures in Sao Paulo. The real had weakened 7.5% against the US dollar during the first two weeks of the month, meaning farmers would receive more in local currency for their crop, which is sold abroad in dollars. Raw sugar futures for October ended at 25.09c a pound, up 1% on the day.

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