In a nutshell Feb #’s looked like they were saved by the sweetness of sugar which somehow jumped some 78% YoY in value terms, this despite Brazil still dominating the world w/ their weak currency.

Something positive to note is that exports to ASEAN and Japan (combined ~50% of exports) picked up for the first time in …. 6 months or so? We’ll see in the coming months if this is a sustained trend or just a blip.