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.
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.