Following a 500 pound per tonne price increase yesterday, sugar prices among wholesalers and consumers stabilised today, Wednesday, 5-10-2022. Glucose and food starch prices were stable at the same levels.
During the most recent time, it experienced a state of price turmoil and confusion due to the ongoing rise in the dollar exchange rate as well as the worsening effects of the Russian-Ukrainian war on market activity and imports of commodities.
Under the direction of Dr. Ali Al-Moselhi, Minister of Supply, the Ministry of Supply and Internal Trade was able to significantly advance the food commodity system file by raising production rates of strategic commodities, achieving an unprecedented boom, as was the case with the sugar commodity, and developing factories that produced sugar, which in turn increased production rates. achieving 90% sugar self-sufficiency for the first time.
The Delta Sugar Company, one of the businesses associated with the ministry that makes local sugar from beets, received praise from the minister of supply for the development of its factories. The Delta Sugar Company has modernised its production lines, increased the efficiency of its operating capacity from 14,000 tonnes to 21,000 tonnes per day for beet, and given beet farmers numerous incentives.
including, subject to timely supply, exempting early-growing farmers from the seed charge. To encourage farmers to increase the production of the beet crop to create local sugar, incentives also include funding the land service (ploughing).
Regarding the international markets, raw sugar futures prices increased during the morning trading session on Wednesday at the New York Stock Exchange, and at the time this story was being written, white sugar futures contracts increased at the London Stock Exchange.
After increasing by 500 pounds yesterday, the price of a tonne of white sugar stabilised today at 14.750 pounds.
Additionally, the price of glucose was fixed at a record 14,000 pounds per tonne.
Prices for food starch have steadied and are now at 15,200 pounds per tonne.
Today, on Wednesday, a kilo of sugar cost the consumer 13 pounds.
The March 2023 contract for raw sugar reported 18. 00 cents a pound in trading on the New York Stock Exchange, an increase of 0. 09 cents at the time of writing.
The May 2023 contract increased by 0. 47%, or 0. 08 cents, to hit a high of 17. 22 cents per pound.
The trade contract for the month of December increased, reaching $535.90 per tonne, an increase of $2.80 or 0.53 percent, at the start of trading on Wednesday’s morning session on the London Mercantile Exchange.
The December trade contract climbed by $1. 10 to $496.40 per tonne.
Find out the current price of sugar after its recent hike.
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