07 August 2012 17:28 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--Brazil's ethanol exports have surged in the last two weeks as falling Brazilian ethanol prices have opened a trade window, sources in Brazil said on Tuesday.
Three 30,000/cubic metres (cbm) fixtures of Brazilian ethanol destined for the US West coast were recorded in the past week, sources said.
An additional 13,000-tonne fixture of ethanol destined for Florida for end-July loading was reported last week, according to the ICIS shipping report.
Traders said there was a 20,000-tonne shipment from Santos, Brazil, to Florida reported two weeks ago.
Shipping rates for 5,000-tonne shipments out of the Santos port in Brazil and destined for the US Gulf (USG) were assessed at $60-65/tonne, according to ICIS.
Brazil's ethanol prices have remained on a downtrend on continued supply pressure.
Anhydrous prices have fallen in the past month to Brazilian reais (R) 1,310-1,330/cbm ($642-652/cbm, €520-528/cbm), a decline of R50/cbm since the beginning of July, according to ICIS.
Buyers and sellers project lower anhydrous and hydrous values in the coming weeks as bad weather, which had slowed the harvest since May, has eased.
The hydrous and anhydrous domestic spot markets in Brazil remain largely quiet, buyers and sellers said.
($1 = R2.03) ($1 = €0.81)
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