While Brazil's energy crisis will bring harder times for most local businesses, it could represent a massive opportunity for the sugar and alcohol industry. Mills have long produced electricity by burning sugarcane bagasse, but the sector hopes the crisis will allow its commercial potential to blossom, making the world's largest sugar producers even more efficient.
Much more moisture is needed over the summer months, however.
The duty will take effect a month after being published in the official Rossiyskaya Gazeta and will be valid for six months. Sucden booked replacement tonnage for a large bulk shipment from Brazil and quoted new business from Tuticorin. Louis Dreyfus provided a further cargo from Brazil. Small speculators shed longs, while fund long positions were little changed. The CSCE Jly contract slid in the week ended Tuesday, and has since continued to a five-week low of 8.39c per pound.