India and Brazil agree to boost ties in IT, biofuel and mining

India Prime Minister Narendra Modi and Brazil President Jair Bolsonaro agreed to boost trade and investment in defence, mining, biofuel, cybersecurity, food, environment and health. In a joint statement the two leaders expressed confidence that a bilateral trade target of $15 billion could be set for 2022 by both countries. India’s trade with Brazil in 2018-19 stood at more than $8 billion.

Source: The New York Times

Sugar mills consider output change after sweetener surge to two-year high

Brazilian sugar mills are considering increasing their raw sweetener output at the expense of ethanol for automobile fuels after sugar futures surged to a two-year high this week, according to analysts. Raw sugar futures for March delivery in New York have climbed 9.1% since Jan. 2. Brazilian mills will post an all-time low production mix for sugar this season with only 34% of the cane used to produce the sweetener with the rest going to ethanol as demand and prices for the biofuel have increased.

Source: Reuters