MOSCOW, Dec 24 (PRIME) – Russia can produce 7.4 million tonnes of sugar in the 2019–2020 marketing year lasting from August 2019 until July 2020, the research center of the Agriculture Ministry said in a report on Tuesday.
“According to the Agroanalysis Center, taking into account the data of the Agriculture Ministry on the gross beetroot harvest of 53.3 million tonnes, 7.25–7.30 million tonnes of white sugar will be produced until the end of the season, plus 150,000 tonnes produced by extraction from molasses. This way, the total sugar production estimate is about 7.4 million tonnes in the season,” the statement read.
The weighted average producers’ sugar price value-added tax inclusive fell by 45.8% to 19,447 rubles per tonne as of December 12 on the year. Out of 74 sugar factories 61 operated and produced 6.29 million tonnes of sugar.
According to the report, Russian producers need to export about 1 million tonnes of sugar in 2020 to attain a market balance and that this target seems realistic.
(62.2499 – U.S. $1)
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