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Sugar Prices Reach New Highs

24 August 2010

AUSTRALIA – Recent world events have been cited as possible reasons for the current high price of sugar on US markets, which currently stands at its strongest position for more than five months.

According to ABC News, global sugar prices hit a record high of 30 US cents a pound in February, but dropped by more than 50 per cent in the months that followed.

Following a series of recent increases, the price now stands at $0.2011 (£0.1293) a pound on sugar for delivery in October.

Andrew Aitken, marketing manager at Mackay Sugar in north Queensland, told the news provider that world events had been driving the surge.

"There's just been a bit of concern about production in crops in Brazil and now Northern Europe, and I think we're probably seeing that taken up by all the bulls as a good time to buy the futures contracts," he explained.

Last week, sugar cane farmers in north Queensland were reported by ABC News to be confident that six new varieties of the plant would help the country's industry recover from the devastating impact of smut disease.

TheCropSite News Desk

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