Brazil’s Sugar at Ports Rises 3.1% With Ships Bound to Black Sea
The amount of sugar awaiting loading at ports in Brazil, the world’s largest producer, climbed 3.1 percent over the past week, with vessels headed for the Black Sea and Malaysia, according to Williams Servicos Maritimos Ltda.
About 1.32 million metric tons of the sweetener was waiting to be loaded onto ships at the ports of Recife, Suape, Maceio, Paranagua and Santos, the country’s biggest, data e-mailed yesterday from the Recife, Brazil-based shipping agency showed. That compares with 1.28 million tons a week earlier.
About 12 percent, or 156,220 tons, of all the sweetener awaiting loading was destined for the Black Sea region, the data showed. Another 154,000 tons were bound to Malaysia and 95,000 tons to Iran, according to the shipping agency. Vessels scheduled to sail to Egypt would carry 93,950 tons.
Sugar loading at ports in Brazil is proceeding normally because of dry weather, according to Santos, Brazil-based broker and consultancy SA Commodities. Mostly dry weather will prevail in sugar cane-growing areas in the states of Sao Paulo, Minas Gerais and Mato Grosso do Sul in the next few days, weather forecaster Somar Meteorologia said in a report e-mailed Dec. 24.
Raw sugar for March delivery rose 0.5 percent to 19.15 cents a pound by 5:07 a.m. on ICE Futures U.S. in New York.
To contact the reporter on this story: Isis Almeida in London at Ialmeida3@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at Ccarpenter2@bloomberg.net.