Sugar price drops 15% in foreign markets

-The expectation of 10% reduction of sugar cane crop in Brazil was not enough to boost sugar prices in the international market.
Prices are falling and the value is already 15% lower if compared with same period in 2013. The increase in production in other countries leave the market with oversupply, which presses the quotes.
The annual production of 37 million tons of sugar, 60% are exported. According to the trader of Sucden of Brazil, Eduardo José Sia, for now, the market signals with low prices.
"The trend in the short and medium term, if confirmed the new international vintages, is that prices still under heavy pressure, and remain in current levels. This is not a factor optimistic for the Brazilian producer, "he says.
According to the Director of the Economics Job, Julio Maria Borges, the hope is that the sector anticipated end of harvest can raise prices. "We believe that from October this market perception should change," he says.
The prediction industry Union of sugar cane (Unica) is that the Center-South of Brazil produces 31.3 million tons of sugar in 2014/2015./associated press Content