Brazilian sugar mills look to ethanol to save them from low raw sugar prices

In Brazil, Reuters reports that sugar mills are going to extreme measures to reduce the volume of raw sugar available on the global market that is weighing down prices, including putting even more focus than already anticipated on ethanol production as the new crush ramps up. Currently, ethanol fetches the equivalent of 17 cents per pound while sugar futures are going for less than 13 cents, in a world where production costs range between 13.5 and 15 cents per pound depending on the region.