American sugar rises in price amid news about the closure of a sugar factory in France

Published Mar 13, 2023

Tridge summary

Between March 3 and March 10, the ICE exchange saw mixed trends in the quotes for sugar, coffee, and cocoa. Cocoa quotes experienced a decrease, while coffee and sugar quotes increased. The rise in sugar quotes was attributed to concerns from France, where major producer Tereos is set to restructure, including the shutdown of a sugar factory that will result in significant job losses and a drop in beet sugar production. In contrast, Vietnam's coffee exports surged by 40.3% year-over-year in late February, reaching 200,056 thousand tons and earning $434 million. Throughout the week, cocoa quotes fell by 2.05%, coffee quotes rose by 0.80%, and sugar quotes increased by 1.15%.

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Original content

From March 3 to March 10, sugar, coffee and cocoa quotes on the ICE exchange behaved differently. Cocoa quotes fell, while coffee and sugar quotes rose, KazakhZerno.kz reports. The growth of sugar quotes on the ICE exchange was caused by disturbing news from France. Tereos, the largest producer of granulated sugar and ethanol, has announced an upcoming reorganization. A sugar factory is expected to close in the north of the country. This will lead to the dismissal of one hundred and twenty-three workers and a sharp drop in the production of beet sugar. The management seeks to reduce its losses: if reorganization is not carried out, they will grow. On the one hand, beet sugar is in demand on the world market, and on the other hand, too many requirements have to be met and too many obstacles have to be overcome for its production. At the end of February 2023, Vietnam exported 200,056 thousand tons of coffee beans. This is 40.3% more than in the same period last year. They were ...

Source: Kazakh-zerno