GOVERNMENT TO FINANCE BRAZIL CANE REPLANTING
SAO PAULO, May 24 (Reuters) - Brazil's government will offer a line of subsidized credit for the replanting of cane crops, as part of a larger push to stimulate production of ethanol, the Agriculture Ministry said on Tuesday.
The new line of credit, directed at improving sugar cane yields through replanting of less productive fields, will be part of a low-carbon program with interest rates of 5.5 percent annually, below the 6.75 percent offer in other rural credit programs.
PAWLENTY REPEATS CALL TO END US ETHANOL SUBSIDIES
WASHINGTON, May 24 (Reuters) - Republican presidential contender Tim Pawlenty, who earned some influential praise for his stand against ethanol subsidies at his Iowa campaign kickoff, said on Tuesday there should be no "sacred cows" in cutting federal spending.
During an Internet town hall on Facebook, Pawlenty renewed his call for phasing out federal subsidies for the corn-based fuel, saying it was "not just about ethanol" but should be part a broader reform to eliminate subsidies across the board.
BRAZILIAN SUGAR TRADER COPERSUCAR PLANS IPO
SAO PAULO, May 23 (Reuters) - Copersucar, Brazil's largest sugar and ethanol trader, and its shareholders plan to sell stock in an initial public offering to boost investments in logistics and marketing, according to the country's securities regulator.
The company did not disclose the number of shares that could be put up for sale, the size of the offering or the terms of the transaction.
US ETHANOL PRODUCTION UP, NEAR MID-MARCH HIGH
KANSAS CITY, Mo., May 18 (Reuters) - U.S. ethanol production rose 4.4 percent in the latest week, the government said on Wednesday, reversing a downward trend.
Ethanol output totaled 900,000 barrels per day (bpd) for the week ended May 13, up 38,000 bpd from the prior week, the Energy Information Administration said.
BRAZIL SUGAR SHIPMENTS SLOW BUT IMPROVING
SAO PAULO, May 17 (Reuters) - The number of ships loading, waiting or arriving to export sugar from Brazil's two main ports is growing and should let up in the coming days, shipping agencies said.
The lineup of vessels reached 58 on Tuesday, slightly up from 55 a week ago. Although backlogs to haul sugar from the world's largest producer of the sweetener are not uncommon, these numbers are not normal for this early in the season.
BRAZIL'S TEREOS PRETAX PROFIT RISES THREE-FOLD
SAO PAULO, May 24 (Reuters) - Sugar and ethanol group Tereos Internacional posted a three-fold surge in quarterly pre-tax net income as rising prices and increased volumes helped offset higher costs.
The company posted pre-tax profit of 139 million reais ($85 million) in its fiscal fourth quarter, ended March 31, compared with 41 million reais a year earlier, according to a securities filing.
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