Sugar beet growers and cooperatives in the US are expected to have a stronger financial year ahead, with improved production and high prices for the 2020-2021 crop ushering in a recovery from the stressful growing season last year, according to a report from CoBank.
Ukraine – 2020/21 campaign – sugar beet acreage down by 5%, sugar output forecast to fall by 15% [Full subscriber]
For the 2020/21 campaign, sugar beet was sown on 209,000 hectares, some 5% less than in 2019, according to the National Association of Sugar Producers Ukrtsukor.
Brazil is likely to produce 41 million tonnes of sugar in the 2020/21 campaign, according to the consultancy Job Economia, reported Reuters.
The Philippines is likely to import 450,000 tonnes of sugar during the current 2020/21 as the production is forecast to drop to 2 million tonnes while consumption is expected to rise to 2.35 million tonnes. The country will maintain its preferential access to the US market by exporting 140,000 tonnes sugar.
As of March 31, Brazilian mills had hedged 17 million tonnes of sugar using ICE futures contracts on the New York Stock Exchange, a large increase over the same period last year, according to Archer Consulting reported Reuters.
With the 2020/21 scheduled to commence in April, mills are expected to make a sharp switch from ethanol to sugar production as falling gasoline prices and a weak currency reduce the biofuel’s appeal, reported Reuters.