Sweet news for sugar growers as prices hit a high

SUGAR HIGH: Great news for Bundaberg after sugar hits a global high
SUGAR HIGH: Great news for Bundaberg after sugar hits a global high Mike Knott BUN080715CANE2

SWEET news for the Bundaberg region as sugar prices have hit a global four-year high.

Rising more than 6% in trading on Friday in New York, with the October contract closing at 21.78 US cents per pound after peaking at 22.86 cents.

In Australian dollar terms, it equates to an indicative price of about $640 per tonne, which is more than double what it was at the same time last year.

Bundaberg Sugar's general manager operations David Pickering said the rise in sugar price was good news the Bundaberg sugar industry with more income from a high yielding crop this season.

"This is also a great opportunity to plant extra cane now and to lock in higher prices for next season and beyond through Bundaberg Sugar," he said.

"The employees of these businesses and their families also spend much of their income where they live, in Bundaberg."

As a result of the higher dollar for the sugar industry it would provide positive flow on effects into the community through milling, harvesting, farming, and services activities.

Mr Pickering said after the wet weather delays at the start of the season the Bundaberg region had made good progress in harvesting and processing the crop.

"On one hand the rain that has fallen has made harvesting difficult," he said.

"However on the positive side little if any irrigation is required to plant cane this year."

Australia is the third-largest supplier of raw sugar in the world, with production valued at more than $2 billion.

Bundaberg Sugar remains a leader in the Australian Sugar industry since 1882 and currently exports to Singapore, Philippines, Pacific Region, New Zealand and New Guinea.

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