New York and London were higher on news that the US and Mexico have announced an agreement in principle during the session that would limit the export of refined Sugar to the US to 30% of total exports of Sugar by Mexico to the US. There are still some details to be worked out, but the overall agreement is now set and appears to be a good one for both sides. It could mean that less Mexican Sugar moves into the world market as it can still be sold to the US. Ideas are that world Sugar production will be higher as long as Brazil keeps the current percentages of Sugar and Ethanol production, and traders now expect more Sugar for the world market due to the weakening Real.
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