IKAR in Mass and Industry Media

Russia May Raise Sugar Production From Beet by 31%, IKAR Says

Bloomberg

2010-01-27 By Ilya Khrennikov

Jan. 27 (Bloomberg) -- Russia may increase sugar production from domestic beet by as much as 31 percent this year after prices advanced to their highest in several decades, according to the Institute of Agricultural Market Studies.

Production of beet sugar may increase to as much as 4.2 million metric tons compared with 3.2 million tons last year, Evgeny Ivanov, a sugar analyst at IKAR, as the institute is known, said by phone today.

Farmers are switching their fields from grain to sugar as prices are at “unprecedented highs compared with depressed grain prices,” Ivanov wrote in a report today. Wholesale sugar prices in Russia exceed $1,000 a ton, according to IKAR.

Russia may raise sugar plantings by at least 20 percent this year to more than 1 million hectares (2.47 million acres), Ivanov said. Imports of raw sugar may increase 66 percent to 2.4 million tons, he said.

Raw sugar traded in New York and white, or refined, sugar traded in London more than doubled last year.

01.02.10

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