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Sugar #11 Mar 24 (SB=F)
| Pre. Settlement | N/A |
| Settlement date | 2024-02-29 |
| Open | 26.15 |
| Bid | 25.08 |
| Last price | 25.09 |
| Day's range | 24.95 - 26.17 |
| Volume | |
| Ask | 25.08 |
ReutersCuban rum makers fret as another dismal sugar harvest looms
Producers of Cuba's famous rum are feeling the pinch with local sugar output forecast to remain at record lows this season amid a grueling economic crisis which has dramatically reduced supplies of fertiliser, fuel and other inputs needed to grow cane. The first of 25 state-owned sugar mills is set to crank up its machinery in the coming days with plans published in seven of 13 sugar-producing provinces pointing to similar output to last season’s 350,000 metric tons of raw sugar, down from 1.3 million in 2019. Cuba produced 8 million metric tons of raw sugar in 1989, before the collapse of former benefactor the Soviet Union led to a steady decline.
- Reuters
Brazil port operator CLI to invest $122 million in Santos port terminal
Brazilian port logistics firm CLI plans to invest 600 million reais ($122.30 million) in its terminal, the largest in the country for sugar exports, at the Santos port in Sao Paulo state, an executive said on Thursday. The investment, which must be formalized through a contract with the federal government, is expected to boost the capacity of the terminal by 20% to 19 million metric tons per year, said CLI Chief Operating Officer Marcos Pepe Bertoni. The investment will go toward infrastructure improvements, such as a new sugar warehouse and new enclosed conveyor belts.
Associated Press FinanceSugar prices are rising worldwide after bad weather tied to El Nino damaged crops in Asia
Skyrocketing sugar prices left Ishaq Abdulraheem with few choices. For scores of other bakers struggling to stay afloat while enduring higher costs for fuel and flour, the stratospheric sugar prices proved to be the last straw, and they closed for good. Sugar is needed to make bread, which is a staple for Nigeria's 210 million people, and for many who are struggling to put food on the table, it offers a cheap source of calories.
