Brazilian sugar millers to focus on record sugar prices and leave ethanol to corn

In Brazil, Reuters reports that sugarcane millers have decided to leave the ethanol market to their corn-based bretheren, at least in part, in order to produce more sugar, which currently provides a better return. When the next sugarcane season kicks off in April, millers plan to divert 10% more cane towards sugar production instead of ethanol as sugar remains near record highs, even though they are lower than the 12-year high seen in November, with sugar prices 40% higher than the ethanol equivalent. That’s the biggest gap seen in 15 years.