It is reported by Nasdaq.

According to a biweekly report by industry group UNICA released on Thursday, mills allocated 38.5% of cane to sugar production in the period, while the market estimate was 39.8%. Sugarcane crush amounted to 13.6 million tonnes, near expectations.

Total ethanol production, including fuel made from corn, was 768 million liters, exceeding market expectations for 745 million liters.

Production in the period was much larger than for the same time last year, since mills started the season earlier this year to cope with a larger sugarcane crop.

It could have been larger if not by rains that suspended the harvest for several days. Analysts expect mills to have suffered from the same problem in the second half of the month.

Wet weather in Brazil is boosting sugar prices at the Intercontinental Exchange in New York. Raw sugar futures SBc1 on Thursday morning rose, hitting the highest in more than 11 years.

Mills are keen to apply a quick pace to harvesting, weather allowing. UNICA said that 165 plants were already operating by the end of the first half of April, compared to only 84 in the same period last season.