Brazil's Sao Martinho eyes improved returns from forward sugar sales
SAO PAULO Aug 11 (Reuters) - Brazilian sugar and ethanol group Sao Martinho SA said on Tuesday it is favoring sugar production to capture better returns from stocking the sweetener and selling it in 2016, rather than favoring ethanol production to sell on the spot market.
Speaking with analysts and reporters on a conference call after posting a drop in quarterly earnings late on Monday, executives said the company had hedged 739,670 tonnes equivalent of sugar in nondeliverable forward contracts at an average price of 16.59 U.S. cents per pound through March 2016. (Reporting by Reese Ewing)
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