New technologies in the Sugar-Alcohol sector allow flexibility with regard to produce ethanol or sugar, it may at any time concentrate production in the commodity that generates higher benefits. During the research, it was identified that tax over operations related to Circulation of Goods and Supply of Services of Interstate and Intermunicipal Transportation and Communication (ICMS) generates a significant variation in the price of these two commodities in different regions of Brazil. As an example, we can mention the fact that Sao Paulo in 2013 had a ICMS of 12 percent, while in the state of Pará a rate of 30 percent was observed for the same date. In this study we work with two regions of Brazil, the southeast region represented by the state of São Paulo and the Northeast region represented by the states of Alagoas and Pernambuco. To be able to assess the managerial flexibility, this dissertation is to the theory of real options (OR) that emphasizes the value of flexibility that the decision maker has to enable the change of the direction of a project especially under conditions of uncertainty. This study made tests that determined that commodity prices follow a Reversal Movement to the Arithmetic Mean, with which it was determined the parameters that describe this behavior. We used the approach of recombinant tree Nelson and Ramaswamy (1990) and Hahn bivariate trees and Dyer (2011) is constructed for these theories an algorithm programmed in Matlab. This research reveals that for both regions studied the production flexibility generates higher profitability than in plants whose production is not flexible, also shows that the increased production capacity and a smaller ICMS tax, provide flexible companies from the Southeast greater value when compared with the plants in the northeastern.