Datagro sees Brazilian sugarcane production jumping to 590M tons in 2023/24

In Brazil, Reuters reports Datagro data shows sugarcane production is expected to jump next season to 590 million metric tons in 2023/24 that kicks off in April as the crop continues to recover from drought and deep freeze impacts. The figure compares to 542 million tons expected for the current season. Although ethanol production is likely to increase as a result of the higher cane production, disproportionate taxes for ethanol will keep prices low and sugar mills will continue to focus on sugar rather than ethanol production until the policy situation changes.