Paris: Cristal Union, a sugar and ethanol maker from France, has promised higher returns to the farmers for their 2023 sugar beet harvest that would help in securing supplies as the crop has become less attractive due to lower returns.
According to the news report published in Reuters, the Company promises to pay 40 euros per tonne of sugar beet for the 2023 season up from 29.37 euros in 2021 and 35 euros promised for the 2022 crop sown earlier.
The second-largest sugar producer in France earned a net profit of 97 million euros in the 2021-22 financial year that ended on Jan.31, up from 69 million euros a year earlier. The higher sugar and ethanol prices helped the group to increase sales revenue.
It is expected that high prices offered to farmers will prevent them to switch to other crops.
