UK. Sugar beet contract prices likely to be below next year

Sugar beet prices for the 2025-26 contract are expected to be lower than the fixed price of £40/t being offered for the 2024-25 contract, according to NFU Sugar board chairman Michael Sly. Spot markets have dropped by more than 20% since peaking in January, with global sugar production for 2023-24 forecast at a record 183.5 million tonnes. Mr Sly said NFU Sugar was currently in the middle of negotiations with British Sugar for next year’s sugar beet price. He said: «We did make growers aware in a joint statement that the global sugar markets have come off. We wanted to make sure growers were aware that if they were going to make any significant investments, the price they are going to get in 2025 will be lower». The UK cropping area for 2024-25 is estimated by industry at 102,500 ha, which would be the largest planted area for several years. Mr Sly said: «The current crop is looking generally well, although it was planted later. We are finally getting the sunshine and warmth which ...