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Oct 18, 2013

Brazil fire destroys one of world’s biggest sugar terminals

SAO PAULO (Reuters) – A fire ravaged Copersucar’s sugar terminal in Brazil on Friday, paralyzing operations of the world’s biggest sugar trader and putting 10 million tonnes of export capacity offline for six months or more.

The fire hit all of Copersucar’s warehouses at the Santos port, igniting 180,000 tonnes of sugar – roughly 10 percent of Brazil’s monthly sugar exports – and driving prices of the sweetener to a one-year high on global markets.

Oct 18, 2013

Fire engulfs one of world’s biggest sugar terminals in Brazil

SAO PAULO, Oct 18 (Reuters) – Fire on Friday destroyed most
of the infrastructure at Copersucar’s sugar terminal in Brazil,
one of the biggest in the world, likely putting 10 million
tonnes of export capacity offline for up to six months until
repairs are made.

Santos port authority Codesp, which manages day-to-day
operations at Brazil’s main port, said the fire started in the
conveyor system, which transports sugar through Copersucar’s
warehouses, around 6 a.m. Brasilia time (0900 GMT).

Oct 3, 2013

Brazil’s OGX says field may have third of expected oil

RIO DE JANEIRO/SAO PAULO, Oct 3 (Reuters) – Brazil’s OGX
Petróleo e Gás Participações SA said on Thursday its Tubarão
Martelo offshore oil field has 87.9 million barrels of
“probable” oil equivalent, less than a third of the total it
called recoverable when it declared the area commercially viable
last year.

Tubarão Martelo may be the last chance for OGX to
generate enough cash to sustain long-term operations after
disappointing output from its first field, Tubarão Azul.

Oct 1, 2013

Brazil’s rapid recovery in sugar output to slow -Unica

SAO PAULO, Oct 1 (Reuters) – Rapid growth in Brazilian sugar
and ethanol output will slow to a trickle in coming seasons now
that investments in new mills have dried up, the main cane
industry association said in its latest revision of the 2013/14
crush.

In the third year of its worst crisis in decades, Brazil’s
main center-south cane region finally returned to record output
of 587 million tonnes of cane this 2013/14 season, surpassing
2010/11 when the crush reached 557 million tonnes.

Sep 17, 2013

Brazil soy crushing industry struggles despite record crop

SAO PAULO, Sept 17 (Reuters) – The crushing of Brazilian
soybeans into meal and oil is at its lowest level since 2009
despite a record harvest of 81.6 million tonnes that finished in
May, industry specialists said Tuesday.

About 19.3 million tonnes of soybeans were crushed from the
start of the industrial year in February through the end of
July, down 7 percent from the 20.8 million tonnes crushed over
the same period last year, according to the latest data from
Brazil’s vegetable oils industry association, Abiove.

Sep 12, 2013

ICO says Brazil’s decision to increase coffee stocks correct

BELO HORIZONTE, Brazil, Sept 12 (Reuters) – Brazil’s
decision to increase government-held coffee stocks in response
to plunging world prices for the commodity is correct, the
International Coffee Organization Executive Director Robério
Oliveira Silva said on Thursday.

Notwithstanding, Silva warned in a letter published at the
close of this year’s week-long ICO conference against repeating
policy errors of the past that had lead to oversupply and market
distortions in response to abrupt drops in coffee prices.

Sep 12, 2013

Big producers of mild arabica say coffee rust is under control

BELO HORIZONTE, Brazil, Sept 12 (Reuters) – Coffee rust,
which wiped out as much as 30 percent of some Central American
and Andean coffee crops recently, will take a smaller toll this
season on production of mild arabicas, the New York ICE
deliverable beans that roasters use to smooth out their blends,
officials and specialists said at a conference this week.

Colombia and Mexico, the two heavy-weight producers of the
region, will suffer no significant losses to the disease that
can destroy whole crops if left unchecked by spraying, causing
immature coffee fruit to drop off trees.

Sep 12, 2013

Arabicas seen struggling to win back big coffee blenders

BELO HORIZONTE, Brazil, Sept 12 (Reuters) – Despite plunging
arabica prices, the smoother coffee bean will struggle to regain
lost market share in big roasters’ blends after high prices over
the past several years drove them to less expensive robusta
substitutes, specialists said on Wednesday.

In the medium to long term, the prospects for cost efficient
arabica producers look bright, both for milder Central American
and Colombian washed beans as well as the massive body of
Brazilian naturals, participants at the IV International
Conference on Natural Arabicas said.

Sep 6, 2013

Brazilian oil firm OGX presses Batista for cash; shares soar

RIO DE JANEIRO, Sept 6 (Reuters) – OGX, the debt-laden
Brazilian oil company, said on Friday it has called in a promise
from controlling stakeholder Eike Batista to start injecting $1
billion into his empire’s flagship company while it renegotiates
debt.

The company’s stock surged on the news, closing up 27
percent at 0.52 real, and its bonds also reacted positively.

Aug 15, 2013

U.S. poultry margins of Brazil’s JBS to improve -CEO

SAO PAULO, Aug 15 (Reuters) – Brazil’s JBS SA,
the world’s largest meat producer, expects profit margins from
its U.S. poultry division to improve in the fourth quarter of
2013 due to a bumper corn harvest that will bring down feed
costs, Chief Executive Wesley Batista said on Thursday.

Residual high costs for corn and other feeds would likely
continue in the third quarter for Pilgrim’s Pride, the
company’s U.S. poultry unit, but then start to fall in the
fourth quarter, helping profit margins, he said.

    • About Reese

      "I'm a ten-year Reuters commodities reporter in Brazil. The economic coming of age of the emerging markets has elevated the importance of the country's mineral and agricultural potential. After a decade here, I still feel as though I've only scratched the surface in understanding the country's wealth and diversity in commodities markets ranging from soybeans, sugar, coffee and orange juice to iron ore, petroleum and timber."
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