Russia should produce more than 7 million metric tonnes of sugar in 2019, setting a new record, said Russian Deputy Agriculture Minister Oksana Lut on October 29, according to Reuters.
Russia’s sugar production has doubled in the last decade, leading to a fall in domestic prices, reducing the profitability of local producers. The country has been exporting sugar for only about two years, mainly to former Soviet countries.
Lut urged farmers to refrain from expanding sugar beet until Russia develops its export markets.
The price of white sugar in the south of Russia has fallen from US$531/tonne in early 2019 to US$309 at the end of last week, according to agricultural consultancy Ikar.
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