• Sugar for the win in 2020/21!
  • Record crush for 2H of April at 38mmt as mills pace up crushing.
  • Sugar mix at 45.8% in the 2H of April it is the highest in almost 20 years.

Summary Table 2H April

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Record Crush

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  • Crush totalled 38mmt in the 2H of April – 20% higher yoy and a record for the period!
  • Not only weather was excellent for operations, but mills have pushed the crush pace to one of the highest on record for the 2H of April.

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  • We believe mills are taking advantage of:
    • Excellent conditions for operations: no rains were registered in the period.
    • Cane quality: ATR levels was one of the highest of the past years.
    • Uncertainties due to coronavirus: better to push the pace and crush now, than to have to shut down and leave cane in the fields.

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  • No surprise that the CS mills are maximizing sugar mix this season.
  • However, with the sugar mix at 45.8% in the 2H of April it is the highest in almost 20 years.
  • According to UNICA, 8 mills that did not even turned on their sugar factories over the last 2 seasons are back in producing sugar.

Ethanol Market

  • Hydrous sales by the mills totalled 1.2bi litres.
  • This represents a 34% fall yoy and the lowest monthly volume since July 2017.

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  • Fall in sales reflects the coronavirus lockdown measures, and not a fall of hydrous competitiveness of the biofuel.
  • Fuel prices have fallen significantly at the gas stations, and hydrous parity averaged 65.5% in April.

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