On the world market

The market has fallen again after a short-term recovery when it was felt, b riefly, that surpluses may not be as large as feared. The disruption of har vests in Australia and Europe, and Russia's reduction of its import duties supported this belief. Other countries were also cutting back production, g iving further grounds for optimism of a price rebound. This position has be en undermined, however, largely due to developments in Brazil: record produ ction in its Centre South region, the devaluation of the real, and trends a way from ethanol production.