Agriculture Ministry’s forecast for 2008 sugar production raised to 1.6-1.7 mln mt

According to Ivan Demchak, Ukraine’s deputy agricultural minister, the ministry raised its forecast for 2008 sugar production from 1.5 mln mt to 1.6-1.7 mln mt. He related the review to higher than predicted sugar beet crop yields and sugar content. The ministry estimates sugar inventory from last year at 937 ths mt. Olha Pankiv: Ukraine’s sugar demand of 2.2 mln mt in the 2008/09 season will be covered by beet sugar in the amount mentioned and 250 ths mt of sugar made from imported raw cane sugar. This will decrease the sugar inventory in the country by ~35%. We confirm our forecast for the sugar price in 2009 at USD 543 per mt, a 3% yoy increase.