HYAC

Haymaker Acquisition Corp. II

9.8400
USD
6.84%
9.8400
USD
6.84%
8.8600 11.2700
52 weeks
52 weeks

Mkt Cap 314.16M

Shares Out 33.00M

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SOFTS-Raw sugar steadies after hitting 2-week low on Brazil output bets

LONDON, May 27 (Reuters) - Raw sugar on ICE steadied on Friday but remained vulnerable to losses after hitting two-week lows in the prior session, with dealers betting top producer Brazil will manage to keep energy prices in check. Falling energy prices prompt cane mills in Brazil to ramp up sugar output at the expense of ethanol, a cane-based biofuel prices of which move in sync with energy. SUGAR * July raw sugar SBc1 dipped 0.1% to 19.52 cents per lb by 1403 GMT, after hitting its lowest since May 13 at 19.27 on Thursday. * The International Sugar Organization has revised its projection for the global 2021/22 sugar supply balance from a deficit of 1.92 million tonnes to a surplus of 237,000 tonnes. The organization expects an even larger surplus of 2.77 million tonnes in 2022/23. * Dealers noted Brazil's efforts to cut the ICMS state tax in a bid to lower gasoline prices, saying the proposed law still needs to pass through the Senate. Still if it succeeds, ethanol prices are likely to fall, dragging sugar lower. * Earlier this week, Brazil's President Jair Bolsonaro, in a bid to hold down energy prices, ousted the Petrobras CEO. * Thailand said on Friday it expects to export 7.6 million tonnes of sugar in the production year 2021/22, 46% more than last year. a tonne. COFFEE * July arabica coffee KCc2 edged up 0.1% to $2.2695 per lb, having closed up 4.4% in the prior session. * There were reports late on Wednesday about renewed frost risk in top producer Brazil. Forecaster Climatempo, however, said on Thursday there was no risk for now and that temperatures in growing regions will remain above freezing. * July robusta coffee LRCc2 fell 0.6% to $2,097 a tonne. * July New York cocoa CCc1 fell 0.4% to $2,456 a tonne, having hit its lowest since late November on Wednesday. * September London cocoa LCCc2 fell 0.7% to 1,730 pounds per tonne​​​​​​​​. (Reporting by Marcelo Teixeira and Maytaal Angel; Editing by David Evans, Kirsten Donovan) ((marcelo.teixeira@tr.com; +1 332 220 8062; Reuters Messaging: marcelo.teixeira.thomsonreuters.com@reuters.net - https://twitter.com/tx_marcelo)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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