Brazilian sugar prices to rise another 14 percent after 30 percent first half jump, sugar exec says

In Brazil, the CEO of the country’s third largest sugarcane ethanol producer, Jacyr Costa Filho of Acucar Guarani, said that he expected sugar prices to rise 145 percent in the remainder of 2008 due to increased ethanol production. The price of sugar has increased 30 percent this year to 16 cents per pound on international commodities exchanges. Guarani’s breakeven point for sugar production is at 15 cents per pound, and Costa Filho said that ethanol production is making the sugar industry profitable in Brazil.

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