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LatinNews Daily - 24 November 2021

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In brief: Brazil’s sugarcane harvest to hit 10-year low

* The Companhia Nacional de Abastecimento (Conab), the logistics arm of Brazil’s agriculture ministry (Mapa), has released new projections for the country’s sugarcane harvest, which is expected to slump due to the effects of adverse weather. The Conab expects Brazil’s 2021/2022 sugarcane harvest to yield 568.4m tonnes (t), down 13.2% on the 2020/2021 harvest. This would reportedly be the smallest sugarcane harvest since the 2011/2012 season. The Conab explains this by citing the unusual frosts which swept through some key producing states, such as São Paulo, Mato Grosso do Sul, and Paraná, in June-July this year. The Conab further notes that the lower harvest is already impacting exports, with sugar exports in the first seven months of the 2021/2022 harvest (April-October) down 17.9% compared with a year earlier, with lower supply pushing up prices on the domestic market and reducing exports. Brazil is the world’s largest producer and exporter of sugarcane.