NEW YORK, Dec 6 (Reuters) - Energy prices in Brazil should be the core driver of world sugar prices in 2019, COFCO head sugar trader Jose Eduardo Toledo said in a presentation at an industry conference on Thursday.
Brazil has dedicated a growing share of its annual sugarcane production to ethanol this season as global sugar prices have stagnated.
For the country’s 2019/20 cane crop, COFCO sees the minimum sugar mix at 33.5 percent and the maximum sugar mix at 48.6 percent.
“A lot of people noticed they could produce a lot more ethanol than they first thought,” Toledo said. (Reporting by Ayenat Mersie; Editing by Lisa Shumaker)