On Tuesday we told you about the third estimated cane payment that has been issued to cane farmers which stands at forty-one dollars and sixty-nine cents. The latest estimates reflect the plunging sugar prices at both the EU and global markets. The industry however had been bracing for the changes in prices. For this 2017/2018 sugar crop, all three Associations signed onto the Direct Consumption Sugar project proposed by and financed solely by the Belize Sugar Industry. Cane Farmers Relations Manager at the Belize Sugar Industry, Olivia Avilez told us production of DC sugar is well underway and it is the hope of the miller that this can help boost the final payments at the end of the crop.
Olivia Avilez, Cane Farmers Relations Manager, Belize Sugar Industry: “Direct Consumption Sugar at the moment is actually at $1,156 US per ton and so that is definitely an estimate that influences a lot in the cane price. At the moment 12,000 tons of direct consumption sugar is being estimated. We hope that we are able to do more than that by the end of the crop so that would definitely be a positive towards the end payment. But at the moment the 12,000 tons of direct consumption sugar is yielding those cane price estimates. Again this is not a final cane price so we are looking at parameters that are already being positive and those will be updated by the end of the crop once we finish with those numbers.”
BSI issues cane estimates on a monthly basis to farmers during the crop to share updates on sugar prices on the markets.