Saturday, March 6, 2021
  • Contact
  • Privacy Policy
  • Terms & Conditions
Trends Wide
  • Home
  • News
  • Business
  • Lifestyle
  • Trending
  • Australia
  • Deals
  • Cryptocurrency
No Result
View All Result
Trends Wide
Home Economie

Sugar prices on recovery as the BRLUSD strengthens

souhaib by souhaib
January 26, 2021
in Economie
0
494
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


Sugar prices were on recovery on Tuesday. The prices found support in the probable truckers’ strike in Brazil. The protests, which are likely to begin on 1st February, have raised concerns over the possible disruptions of sugar supply. This would worsen the supply shortage caused by low production in Thailand and the EU. Similarly, the Brazilian real strengthened against the US dollar after being on a downward trend for close to two weeks. As at 15.18 GMT, sugar prices were at $15.82, up by 0.51%.

sugar prices

Brazilian real vs. the US dollar

Sugar prices are reacting to the recovery of the BRLUSD. With Brazil being the top producer and exporter of the produce, bulls looking to invest in commodities are keen on the performance of the currency pair. Like other commodities, the pricing of raw sugar occurs in US dollars. Subsequently, a strengthening real creates a favorable environment for its buyers.


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

On Tuesday, the Brazilian real recovered from its downward trend against the greenback. The currency pair was trading at around $0.1843, which was a rise of 0.99%. It had been on a decline for close to two weeks; a factor that contributed to the drop in sugar prices.

BRLUSD

Looming truckers’ strike threatens sugar supply

While sugar prices have been on a downward trend, they are finding support from the probable unrest in Brazil. The national Council for Road Cargo Transportation (CNTRC), and the National Transportation Association (ANTB) have been rallying their members for a nationwide strike from 1st February.

These unions are striving to conduct a strike whose magnitude will be greater than that of May 2018. just like in this past event, the truckers are decrying the high diesel prices among other demands. The government is in dialogue with the group’s leaders in an attempt to avert the protests.

However, if the discussions reach a dead end, and the intensity of the strike reaches that of 2018, there is likely to be a shortage in sugar supply. Freight transportation in Brazil largely depends on road haulage.

In 2018, the country’s truck drivers blocked major roads and refused to make cargo deliveries. The stalemate lasted for about 10 days and resulted in the disruption of the top economy in South America. The country’s agricultural sector was the worst hit, with losses amounting to $1.75 billion. The situation was so intense that people and livestock lacked food to eat. A recurrence of such protests would result in higher sugar prices as its supply tightens.   

The looming crisis in Brazil comes at a time when the sugar supply is already tight. This is due to reduced production in Thailand and the EU. In Thailand, the amount of crushed sugar in the 2020/2021 season is 21.57 million metric tonnes. The figure represents a decline of 42% from a similar period last year. On a daily basis, the average amount of crushed sugar in the country is 599,180 metric tonnes. The number is 27% lower than in 2020.   



Source link

Related posts

Rightmove’s revenue slides 29% in 2020 despite record number of visitors.

February 26, 2021

Salesforce says its full-year revenue topped £14 billion for the first time.

February 26, 2021
Next Post

Shoukry reveals why Egypt's relations with Syria have not returned

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Syrian children congratulate the Russian soldiers in their language at the Hmeimim base on the occasion of the “Homeland Protectors” holiday (video)

2 weeks ago

Melania Trump unveils her legacy: A tennis pavilion

3 months ago

Isochronic Tones And Binaural Beats For Meditation

5 months ago

Tributes paid to those killed when a car drove into shoppers in Trier, Germany

3 months ago

BROWSE BY CATEGORIES

  • Australia
  • Cryptocurrency
  • Culture
  • Deals
  • Discounts
  • Economie
  • Euro
  • Gaming
  • Lifestyle
  • News
  • Opinion
  • Sports
  • Switzerland
  • Trending
  • Uncategorized

BROWSE BY TOPICS

2018 League abc Australia Bali United bbc bbc health Budget Travel Champions League Chopper Bike cnn ar business dailymail dailymail australia dailymail heath dailymail money dailymail sport day 7 euronews Health https://lenews.ch/feed/ IGN Istana Negara Market Stories National Exam rt arabic usa today usa today money usa today sport Visit Bali Women Fashion

POPULAR NEWS

  • Watch .. Lebanese astronomer Michel Hayek reveals his predictions for the year 2021

    1140 shares
    Share 456 Tweet 285
  • Help save a local business

    1006 shares
    Share 402 Tweet 252
  • Love Insurance

    978 shares
    Share 391 Tweet 245
  • 5 places to visit in Microsoft Flight Simulator 2020.

    870 shares
    Share 348 Tweet 218
  • Reece Parkinson: A shock diagnosis won’t stop me running

    737 shares
    Share 295 Tweet 184

Follow us on social media:

Recent News

  • Video .. The last appearance of Sistani while he received Pope Francis
  • An intimate look inside Bachelorette couple Georgia Love and Lee Elliott’s wedding album 
  • Kalashnikov unveils a Strikeball version of the AK-12 rifle

Category

  • Australia
  • Cryptocurrency
  • Culture
  • Deals
  • Discounts
  • Economie
  • Euro
  • Gaming
  • Lifestyle
  • News
  • Opinion
  • Sports
  • Switzerland
  • Trending
  • Uncategorized

Recent News

Video .. The last appearance of Sistani while he received Pope Francis

March 6, 2021

An intimate look inside Bachelorette couple Georgia Love and Lee Elliott’s wedding album 

March 6, 2021
  • Contact
  • Privacy Policy
  • Terms & Conditions

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • News
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Opinion

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.