S&P Global cuts 2023/24 EU and UK sugar output forecast as pesticide ban bites

Published 2023년 3월 16일

Tridge summary

S&P Global Commodity Insights has revised its forecast for EU-UK sugar production for the 2022/23 season, reducing it by 570,000 tonnes to 16.8 million due to the impact of a recent pesticide ban. The ban, enforced by the European Court of Justice, has prohibited the granting of exemptions for neonicotinoid pesticides, essential for sugar beet cultivation, owing to their harmful effects on bees. This has resulted in reduced confidence among farmers, leading to an anticipated 7% decrease in sugar beet planting in France for the following season. Despite these adjustments, S&P Global anticipates a slight 1% rise in the total sugar beet planted area across the EU and the UK.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

S&P Global Commodity Insights has cut its 2022/23 forecast for sugar output in the European Union plus United Kingdom by 570,000 tonnes to 16.8 million, citing the impact of a recent pesticide ban. The outlook still represents growth of 1 million tonnes versus the 2022/23 sugar crop. The European Court of Justice earlier this year banned that granting of exemptions for the use of neonicotinoid pesticides that are harmful to bees. The ruling is deterring farmers from planting sugar beet because they fear crop damage. S&P Global said in an industry note seen by Reuters it now expects the sugar beet planted area in leading EU producer France to ...

Source: Hellenic Shipping News