Cepea, April 16, 2025 – Crystal sugar quotations are firm in this season-beginning (2025/26) in the spot market in São Paulo. Some mills have started the production, but are still offering small batches of the product from the new crop. The availability for immediate delivery is low, especially for the Icumsa 150 sugar. As for the demand, it was higher in mid-April, boosting liquidity.
From April 7-11, the CEPEA/ESALQ Index (Icumsa 130-180) averaged BRL 141.36/bag, moving up 0.79% compared to that verified in the previous period (BRL 140.25/bag between March 31 and April 4). In the accumulated of April (from March 31 to April 15), the increase is by 2.12%, closing at BRL 142.68/bag.
Comparing April 7-11, Cepea calculations show that the weekly average of the CEPEA/ESALQ Index for white crystal sugar closed at BRL 141.36 per 50-kilo bag, while the average of the May/25 contract at ICE Futures closed at 133.95 BRL per bag. Thus, sales in the spot market of SP remunerated 5.53% more than exports did. This figure considered weekly averages at USD 56.75 per ton of freight and charges, USD 77.65 per ton for quality premium and dollar at BRL 5.9022.
Abroad, demerara sugar prices remained moving down in mid-April, due to uncertainties about Trump’s tariffs.
In March, Brazilian sugar exports dropped 30.7% compared to those verified in March/24, but rose 1.5% in relation to the month before, according to data from Ministry of Development, Industry, Trade and Services (MDIC).
(Cepea-Brazil)
Centro de Estudos Avançados em Economia Aplicada – CEPEA-Esalq/USP
