Today, Monday, 10-20-2022, sugar prices varied at wholesalers in the neighbourhood market as the cost of refined sugar dropped while the cost of glucose increased and a tonne of food starch held steady over the course of nearly three weeks.
As a result of the escalating negative effects of the Russian-Ukrainian war on the movement of the market and the import of goods, as well as the ongoing increase in the dollar exchange rate, sugar prices recently experienced a state of pricing disorder and confusion. The price of the tonne increased throughout last week’s trading by more than 1400 pounds.
For the consumer, the “dawn site” tracks sugar prices right now.
WHITE SUCTION
A tonne of white sugar cost around 250 pounds less than it did previously, translating to a tonne costing 16,250 pounds rather than 16,500 pounds.
Prices of glucose
Today’s glucose prices increased by 500 pounds, making the price per tonne 14,500 pounds rather than 14,000 pounds.
prices for food starch
Food starch prices also stabilized today, to reach the price of the ton 15,200 pounds.
The cost of sugar to consumers
For the average customer, a kilo of sugar cost around 17 pounds.
The cost of a tonne of sugar right now
The price of the ton increased over the course of trading last week, by more than 1400 pounds, with the escalation of the negative effects of the Russian -Ukrainian war on the movement of the market and the import of goods, in addition to the continuous increase in the dollar exchange rate.
Prior to this, Hassan Al-Fandi, the head of the Sugar and Hallawi Division of the Food Industries Chamber of the Federation of Industries, urged the Ministry of Supply and Internal Trade to take immediate action and carry out the same procedures it had done in the previous year, which included sacrificing sugar in the markets, addressing rumours, and continuing to manage the system. He also urged the Senate Committee to take up its mandate.
In late September, he said at a meeting of the Federation of Industries’ Sugar Division that the price of sugar had increased excessively and exceeded 14,000 pounds per tonne, warning that the industry would be negatively impacted and that export markets would be lost. He added that Egypt consumes 3.200 million tonnes of sugar annually while producing 2.200 million tonnes. Additionally, there is a shortage of 800 to 1 million tonnes of foreign imports.
Mohamed Fawzi, the former director of the Division of Sugar and Sweets, underlined that the issue and sugar crises will persist without a clear approach.
As for the global markets, the prices of crude sugar futures have witnessed a decrease in the morning session of trading today, Monday, on the New York Stock Exchange, and the futures for white sugar futures on the London Stock Exchange fell at the time of writing this news.
Prices of white and raw sugar on international stock exchanges
Price changes for raw sugar on the New York Stock Exchange
The crude sugar futures for the New York Stock Exchange fell in the morning session for trading on Monday, when the contract of March 2023 came down at 18. 76 cents for the pound, by a decrease of 0. 08 cents, at the time of writing this news.
The price of a pound in May 2023 dropped by 0. 28% to a record 17. 82 cents, or by a little 0. 05 cents.
250 pounds are lost by White Ton. Sugar prices today, Monday 17 October 2022 in the Egyptian market
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