Brazilian hydrous ethanol trades at discount to production cost

In Brazil, Platts reports that hydrous ethanol has traded at a discount to the cost of production in the main Ribeirao Preto of the center-south region. It was the lowest since April 6, less than a week after the new season officially began on April 1. Sugar mills began crushing in early March due to favorable weather conditions, focusing first on ethanol production, but falling oil prices and the demand destruction from COVID-19 has quickly weighed on prices that were at record highs in February.