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.
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.
(Bloomberg) -- Raw sugar futures rose to the highest in a week in New York as downpours in Brazil threaten production and shipments from the top supplier just as recent rains left European sugar beet fields flooded, hampering the harvest.Most Read from BloombergSam Altman, OpenAI Board Open Talks to Negotiate His Possible ReturnBinance Pleads Guilty, Loses CZ, Pays Fines to End Legal WoesOpenAI in ‘Intense Discussions’ to Quell Potential MutinyCitigroup Cuts Over 300 Senior Manager Roles in Late