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ผลลัพธ์ (จีน) 2:

CONCERNS OVER SURGE IN BRAZILIAN SUPPLY (น้องโบว์)

Several traders expressed concern that Brazil's cane harvest starting in May could lead to an increase in global sugar supply, thus weighing down on global sugar futures even further.

Brazil is one of the world's largest sugar producers, with sugar mills in the country having the flexibility to convert sugar cane into either sugar or ethanol.

The lower crude oil prices have reduced the appeal of ethanol against the sweetener, which would thus incentivize Brazilian mills to produce more sugar and less ethanol.

Adding to the bearishness, Brazil's two largest distributors declared force majeure end-March amid the coronavirus outbreak, as they were unable to sell scheduled cargoes and needed to lower their monthly ethanol purchases due to a reduction in the fuel's demand, Platts reported earlier.

"Brazilian producers have maximized sugar production this season and they have hedged the majority of the sugar already," another Singapore-based trader told Platts.

Brazil's sugar-ethanol mix is currently at around 44%-46%, up 11 percentage points from last season, and could potentially surpass 47% once the harvest situation gains clarity in August-September, according to Platts Analytics.

ผลลัพธ์ (จีน) 3:

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