Cepea, November 7, 2023 – The pace of ethanol trades was slow in the spot market in São Paulo state in late October, especially because of the nearness of the holiday on November 2 in Brazil. Only a few deals were closed involving small amounts.
Many mills were focused on delivering the product, and sellers asked for higher values. Moreover, rains hindered crop activities, and some companies needed to interrupt the crushing. A survey performed by Cepea indicates that the initial forecast for the end of the 2023/24 season is between the second fortnight of November and mid-December for some mills in São Paulo.
Between Oct. 30 and Nov. 3, the CEPEA/ESALQ Index for hydrous ethanol closed at BRL 2.2069/liter (net of ICMS and PIS/Cofins), 0.46% down compared to that in the previous week. For anhydrous ethanol, the CEPEA/ESALQ Index closed at BRL 2.4541/liter, net of taxes (PIS/Cofins), 0.67% lower in the same comparison.
Considering the full weeks of October, the average of the CEPEA/ESALQ Index for hydrous ethanol closed at BRL 2.1953/liter, 0.63% above that from September. As for anhydrous ethanol (sales in the spot market only), the average closed at BRL 2.4738/liter, 1.6% lower in the same comparison.