Brazilian politics might be half a world away but that hasn't stopped a president's populist push from putting pressure on Aussie farmers.
Jair Bolsonaro has intervened in Brazil's fuel market, artificially lowering retail pricesIt puts the profitability of Aussie cane farmers facing high input costs at risk
Right now, the war in Ukraine and the long-term effects of the pandemic are pushing up oil prices, but Brazil isn't making more ethanol. In effect it's a tax cut for fossil fuels, widely viewed as a populist move to secure support ahead of the election on October 2, that could have far-reaching implications for biofuels and free markets.In a sign of the volatility in sugar markets, prices dropped about $50 a tonne at the start of the week but then rallied on Thursday after reports Brazil's sugar production was lower than expected.
"Things generally remained tight globally ... it has really been the change in fuels in Brazil that have counteracted all those positive numbers. "There's an opportunity, but it's also frustrating and a little bit stressful for people like me to be frank," he said. "The break-even price is different for everyone but it's certainly gone up a lot, particularly with the increase in fertiliser and diesel costs," he said.
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