Support The Moscow Times!

Beet Crop Promises Lower Sugar Imports

Russia's beet crop may result in record sugar production of 4.3 million tons for the year that begins in October, up 59 percent from a year earlier, said Yevgeny Ivanov, an analyst at the nation's agricultural institute.

Imports may drop 50 percent to about 1 million tons, according to the country's Sugar Producers Union. Russia is the biggest sugar importer in Europe.

"Output is growing in the Northern Hemisphere, and Russia is now talking about a record" crop, Thomas Mikulski, a senior strategist at Chicago broker Lind-Waldock, said late last week. "We will see some pressure on prices."

Raw sugar for October delivery fell 0.25 cent, or 0.9 percent, to settle at 27.54 cents a pound at 2 p.m. Friday on ICE Future U.S. in New York, the sixth decline in seven sessions. The price dropped 7.6 percent this week, the biggest slump for a most-active contract since May 6.

In London, refined sugar gained on NYSE Liffe.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.