Biosev SA, the Brazilian sugar loss in the 2018/19 cane season through December rose 8.4 percent from the previous season to 892.6 million reais ($240.40 million). Biosev loss of 230 million reais in the third quarter ended in December, mostly due to the depreciation of the Brazilian currency. The loss was 17 percent smaller than in the same period a year earlier. Almost 90 percent of Biosev’s 5.94 billion reais in debt is dollar denominated. The company said the currency fluctuations have a non-cash effect, since the majority of the debt matures between 2021 and 2023, when the company plans to have enough cash to pay.

 

The price of medium-grade sugar in the wholesale market of Muzaffarnagar rose by 20 rupees. as the government is likely to raise the minimum selling price of the sweetener this week. The minimum selling price of sugar may be increased by 1-2 rupees a kg. the price is 29 rupees a kg, 5-6 rupees below the average cost of production. There was demand from bulk buyers today on buzz of a hike in minimum selling price which also led to the rise in prices in the local market. The front-month March raw sugar contract on the Intercontinental Exchange was at 12.92 cents a pound, a one-week high and 2% higher from the previous close.