A bumper sugarcane crop and favorable policies are expected to breathe new life into Brazil's cane mills, which have been languishing with narrow margins for several years, observers said. "Just a little more cane, and the industry's cup will be entirely full," said Carlos Eduardo Cavalcante, director of the bioenergy department of development bank BNDES. Brazil will produce more ethanol and sugar next season, but limited capacity and low sugar prices mean mills will likely favor ethanol production, analysts said.

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