NEW YORK/SAO PAULO (Reuters) – When Bunge Ltd (BG.N: Quote, Profile, Research, Stock Buzz) bought five sugar mills in Brazil’s Sao Paulo state four years ago for $1.5 billion, they were considered the crown jewels of a burgeoning biofuel industry.
Now, they may be little more than millstones, hard-to-sell assets at a time of crushed margins and weak prices.
SAO PAULO, Oct 21 (Reuters) – A fire on Friday at
Copersucar’s sugar terminal, the largest in Brazil, means the
company is likely to need to find space elsewhere from which to
export the sweetener next cane season while it rebuilds the
Copersucar lost 180,000 tonnes of sugar, or 10 percent of
Brazil’s monthly exports to the fire. With global markets flush
with a surplus in sugar, the destruction its five warehouses is
a bigger challenge for the company and for sugar importers.
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.
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).
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
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.
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
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.
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.
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.
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.
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.