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Brazil Offers Subsidies For Northeast Region Sugar Producers

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05/16/2013 | 04:58pm EDT

BRASILIA--Brazil's government will offer 125 million Brazilian reais ($65.2 million) in subsidies to sugarcane producers in the drought-stricken northeaster region, Deputy Finance Minister Dyogo de Olivera said Thursday.

The subsidy will be set at BRL12 per tonne and limited to 10,000 tonnes for each producer. The finance ministry estimated the measure would benefit approximately 17,000 producers.

"Brazil's northeast has gone through a severe drought in recent months and the sugarcane harvest on the region will have a loss of about 30%", said Mr. Olivera.

He also said he believed that loss in the sugarcane crop in the northeast wouldn't affect ethanol prices because the region "represents only 5% of national ethanol production".

--Gerald Jeffris contributed to this article

Write to Bruno Lourenco at brazil@dowjones.com

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