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Marcelo Teixeira

Dreyfus sugar unit Biosev quarterly loss narrows on currency, cost cuts

Aug 14 2019

SAO PAULO Biosev SA, the Brazilian sugar and ethanol maker controlled by Louis Dreyfus, posted a quarterly loss of 169 million reais ($41.72 million) on Wednesday, 66.7% smaller than a year ago, on positive currency effects as well as cost cuts, the company said.

UPDATE 1-Brazil yet to decide on tariff-free quota for ethanol

Aug 05 2019

SAO PAULO, Aug 5 The Brazilian government has yet to decide whether to renew a tariff-free quota for imports of ethanol virtually all supplied by the United States, Agriculture Minister Tereza Cristina Dias said on Monday, as the end of the quota approaches.

UPDATE 2-COFCO plans to boost Brazil ops, sees improving business outlook

Aug 05 2019

SAO PAULO, Aug 5 Chinese commodities trader COFCO plans to increase investments in Brazilian operations as the business environment in the country is likely to improve after approval of economic reforms, the company's chairman, Johnny Chi, said on Monday.

Brazil's faster agrochemical approvals not harming environment: minister

Aug 05 2019

SAO PAULO Brazil's Agriculture Minister Tereza Cristina Dias, responding to criticism from environmentalists, on Monday said the government's recent accelerated approvals of agrochemicals are not detrimental to food safety and the environment.

Brazil high quality coffee suffers, burning some traders

Jul 29 2019

LONDON/SAO PAULO Brazil is producing less top quality coffee this year despite a bumper crop overall because of unusual pre-harvest weather, burning some traders counting on the beans, said industry sources.

CORRECTED-Brazil sugar lineup plunges as mills cut export business

Jul 23 2019

(Corrects editing errors throughout) By Marcelo Teixeira SAO PAULO, July 23 Brazil's sugar line-up, or the amount of the sweetener to be loaded at local ports, plunged in July to the lowest in at least five years, as mills refrain from sugar export business amid declining global prices. According to shipping agency Williams, only 745,000 tonnes of sugar would be loaded to ships at Brazilian ports around July, 28% less than in the same period last year, when local production had already been reduced. The volume is 63% smaller than in July 2017, a more normal year in terms of Brazilian production (see table below). At sheds 20 and 21, operated by the world's largest sugar merchant, Copersucar SA, two ships will load 130,000 tonnes of soybeans. In the terminal operated by Rumo, a logistics company controlled by Cosan, which owns 50% of No. 1 sugar producer Raízen, 10 vessels are expected to load corn. "Global sugar demand didn't fall, it even increased a bit," said Julio Maria Borges, a sugar and ethanol consultant at JOB Economia. "But there is a lot of competition out there. Brazil mills would have to sell very cheap to make volume, and they don't wanna do that", he said. While raw sugar prices remain near a 10-year low in New York, the Brazilian currency gained almost 10% against the dollar since May, as a crucial pension reform passed a first test in Congress. That further reduced the incentive to export sugar, Borges said. "Many mills continue to focus on ethanol, which generates quick cash," said João Paulo Botelho, a sugar and ethanol analyst at broker INTL FCStone. "They will wait for better prices to make and export sugar," he said. Expectations for a higher sugar production mix in the current Brazilian center-south cane crop did not materialize. Production mix, or the cane allocation between sugar and ethanol at plants, remains very similar to last year when mills earmarked 36% of cane to sugar production, a record-low amount, with all the rest going to ethanol. According to cane industry group Unica, cane allocation for sugar so far in the season was at only 34.7%. BRAZIL SUGAR LINEUP - MID JULY YEAR TONNES 2019 745,000 2018 1,040,000 2017 2,027,000 2016 1,511,000 2015 1,550,000 Source: Shipping agency Williams (Reporting by Marcelo Teixeira; Editing by Steve Orlofsky)

Bunge and BP team up in Brazil bioenergy venture, create No. 3 sugarcane processor

Jul 22 2019

SAO PAULO U.S. commodities trader Bunge Ltd and British energy company BP Plc said on Monday they will merge their Brazilian sugar and ethanol operations to create the world's third-largest sugarcane processor.

Two more Iranian ships may be stranded in Brazil as sanctions bite

Jul 19 2019

SAO PAULO Two more Iranian bulk carriers that came to Brazil carrying urea and were expected to return home with corn could be left without enough fuel, as Brazilian state oil firm Petrobras refuses to provide them with bunker fuel due to U.S. sanctions.

Iran grain ships stuck in Brazil without fuel due to U.S. sanctions

Jul 18 2019

SAO PAULO/RIO DE JANEIRO Two Iranian vessels have been stranded for weeks at Brazilian ports, unable to head back to Iran due to lack of fuel, which state-run oil firm Petrobras refuses to sell them due to sanctions imposed by the United States.

Ethanol to be central issue in India-Brazil meeting - industry group

Jul 16 2019

SAO PAULO Brazil and India are expected to sign a memorandum of understanding on production and trade of ethanol when leaders of the two countries meet in Brasilia later this year, an industry group said on Tuesday.

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