Sugar: ICE fell to $19.2 per pound in the end of March from the three-month high of $19.9 touched on March 7th, as prospects of military de-escalation in Ukraine led oil prices to decrease.
Crude oil prices fell after the Kremlin stated it would “drastically” scale down its operations in Kyiv, encouraging cane mills in Brazil, the world’s largest producer, to divert milling ethanol to raw sugar.
Sugar futures also faced downward pressure with Brazilian President Bolsonaro’s decision to replace the CEO of Petrobras, the state-owned oil company.
Dealers believe the president’s replacement option will keep fuel prices frozen at lower levels as Bolsonaro campaigns for re-election this year.
