Sugar futures began the week lower on international exchanges, reflecting a drop in oil prices in the face of hopes, according to analysts heard by Reuters, of diplomatic efforts between Ukraine and Russia to end the 20-day war.

Also according to Reuters, in addition to the drop in oil prices, traders cited as low factors the rains in Brazil's sugar belt over the weekend, "which will help in the development of the crop, and new hedges of sugar producers in New York after the recent rise in futures."

In New York, on ICE Futures, crude sugar fell 11 points, trading at 19.13 cents per pound.13. In London, at ICE Futures Europe, white sugar fell 0.4% to $528.00 a tonne.

Russia bans sugar exports

According to an ansa agency yesterday, the Russian Ministry of Agriculture has decreed a ban on exports of white and raw sugar through the country until august 31. In addition to sugar, the decree prohibits exports of wheat, rye, barley and corn to neighboring states of the Eurasian Economic Union (EuE) until June 30.

Yesterday morning, Russian Deputy Prime Minister Victoria Abramchenko had already anticipated on Telegram that Vladimir Putin's government was willing to ban the export of grain and sugar to maintain the stability of the internal market.

Domestic market

The domestic sugar market in Brazil also started the week down by the Cepea/Esalq Indicator, from USP. Yesterday, the bag of 50 kilos of crystal type was traded by Brazilian mills in R $ 135.89 against R $ 136.69 the bag practiced on Friday, a decrease of 0.59% in the comparison. In the month the indicator accumulates high of 2.62%.

Hydrated ethanol

Hydrated ethanol, on the other hand, continues its upward trajectory by the Daily Paulínia Indicator. Yesterday, biofuel was traded for R$ 3,432.00 a m³, up 1.05% compared to the prices charged the day before. In the month the Indicator has already risen 16.18%.

Source: Agrolink