Chart of the Fortnight: BRL Weakness Could Pressure No.11

  • The BRL has weakened drastically in the past couple of weeks.
  • This makes it easier for Brazilian producers to hedge their sugar at current No.11 prices (as the No.11 is quoted in US Dollars).
  • The price that the No.11 can rally up to before pricing occurs is therefore lower.
  • If this trend continues we could see producers selling the raw sugar market in the coming weeks.

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