India to Buy Sugar from Guatemala and Brazil
India may import as much as 1.2 million metric tons from Brazil and Guatemala due to a shortfall in output and rising domestic prices.
Wednesday, February 18, 2009
The article in Bloomberg.com said that "Purchases by the South Asian nation may help support a rally that’s made sugar the best performing agricultural commodity this year. Prices of raw sugar have gained 12 percent since January in New York amid forecasts of India importing the sweetener for the first time in three years."
Analysts estimate that demand will exceed supply for the first time in four years.
Sugar producers have agreed to increase the price by Q0.25 ($ 0.03) per 500grams, in response to high prices in Mexico.
The union of producers claims that the price paid to producers is unrelated to the final consumer price which is well below the price in other Central American countries.
Subsidies on exports to India and improvement in the competitiveness of Brazilian sugar, caused by devaluation of the real, explain part of the decline in international coffee prices.
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