Ethanol Is Piling Up in Brazil With Drivers Embracing Cheaper Gasoline
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Ethanol inventories are rising in Brazil as drivers embrace cheaper gasoline, delivering an earnings blow to the nation’s large sugar-cane producers and prompting a pivot toward higher sugar output.
Ethanol stockpiles from Brazil’s top producer, Raizen SA, more than doubled in second quarter from the prior three-month period as the firm curtailed sales in hopes of better pricing, Chief Financial Officer Carlos Moura told journalists on Tuesday. He said Raizen is reacting by increasing sugar output as much as it can.
