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