A sugarcane field in development stage is seen at a farm in Jacarezinho, Brazil on January 1 2019. File Picture: REUTERS/MARCELO TEIXEIRArazilian sugar cane mills are cancelling some sugar export contracts and diverting production to ethanol to cash in on high energy prices, according to people with direct knowledge of the deals, raising concerns of a sugar shortage.
Brazil exports about 2.2-million tonnes of sugar a month during the peak of the crop. A large fall in sugar output could lead to a global sugar shortage, some traders say. A second trader, also working for a large international food merchant, confirmed the cancellations — known in the industry as washouts — and said most traders are trying to be flexible when negotiating. “These are take-or-pay contracts, there is a fee, so sometimes the cost could be high for the mill,” he said.
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