Take physic, pomp

Chart of the day is…..

…..sugar, because of the news out of Brazil and the rising (though still uncertain) chance of a rally back to highs.
The solid forecast hits the world at 11am EST. Check out this Bloomie report as I was particularly impressed with a Brazilian national saying “raining cats and dogs”…just hope it wasn’t found in translation.

Sept. 24 (Bloomberg) — Brazil’s Center South, the world’s biggest sugar-producing region, may make less of the sweetener than previously forecast amid the heaviest rains in more than two decades, grower Maurilio Biagi Filho said.

Industry association Unica will probably cut its sugar forecast for the region today from an April estimate of 31.2 million metric tons this year, Biagi, the world’s second-biggest cane grower, said yesterday by telephone from Ribeirao Preto, Brazil. Unica is set to release a new estimate at 11 a.m. New York time.

Rains in the Center South, which produces more than 80 percent of Brazil’s sugar and ethanol, have hindered harvesting and reduced sugar cane’s level of sucrose, the substance used to make the sweetener and fuel. Sao Paulo, the biggest-producing state, received 180 millimeters (7.1 inches) of rain this month through yesterday, the most since 1983, Biagi said.

“It has been raining cats and dogs here for almost three months in a row,” Biagi said. “Sugar output will definitely be revised down.”


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