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Frost Bites Brazilian Sugar Crop As Prices Zoom Higher
Frost Bites Brazilian Sugar Crop As Prices Zoom Higher
Brazil’s top producing regions for coffee, oranges, and sugar have been devastated by the worst weather in decades and could leave a lasting impact on prices, according to Bloomberg.
The South American country is one of the world’s leading coffee, sugar, and orange producers experienced a cold snap and drought this growing season in the Center-South area that has significantly damaged crops.
We have focused on coffee and orange markets and how prices are sloping higher after harvest output will likely come in well below average.
Now we’re setting our eyes on the sugar market, where losses in production, exacerbated by an already tight global supply, is fueling higher prices that may be sticking around for the next 18 months.
“We are getting into a boom cycle for the commodity prices,” said Pierre Santoul, chief executive officer in Brazil of France-based Tereos SCA. He said sugar prices are expected to remain elevated through early 2023.
Tereos’s sugar-cane crushing may fall to the lowest levels since the 2009-10 season, to 16.6 million metric tons, or about a 21% reduction from 20.9 million crushed in 2020-21. The nation’s sugar-cane industry group Unica said sugar content in cane fell in the country from a year ago, while cane yield dropped 18%.
Santoul said the extent of the devastation is still unknown. He said mills had increased harvesting to avoid further cane deterioration. He added that if the weather improves in October and rains relieve droughts, the dismal scenario may slightly improve.
Weather disruptions in Brazil mean higher prices for coffee, oranges, and or sugar. Since most of these farm goods are exported, and shipping costs are at record highs, it’s only a matter of time before US wholesalers pass along the costs to consumers.
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Ten Wonderful Things I’m Grateful For (Irony Alert)
Ten Wonderful Things I’m Grateful For (Irony Alert)
Being grateful boosts your happiness. Ten wonderful things I’m grateful for.
Since every volume on the nearly endless shelf of pop psychology self-help books recommends working up some gratitude as the key to happiness, I’ve conjured up a list of what I’m grateful for. (Please turn your irony setting on.)
1. I’m grateful that our choice of president has been reduced to two equally detestable dynasties or their proxies. This greatly simplifies the process of selecting a warmongering figurehead for the Empire and its bankers.
3. I’m grateful that there are so many opportunities to borrow money, because if I couldn’t borrow more, I might miss an astounding opportunity to consume more of something I don’t really need.
4. I’m grateful that every food item in the store now contains sugar in one form or another, or a sugar substitute. This simplifies the process of maintaining my addiction to sugar, as all I need to do is eat anything produced by Corporate America’s food sector.
5. I’m grateful I live in a country where the government can trample on the rights of its citizens behind a thin veil of legitimacy. After all, what terrible thing might happen if the government couldn’t arrest those horrible people tearing up their front yard lawn to plant a vegetable garden?
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