GLOBAL: Sugar prices drop in November - FAO
Harvests in India, the EU, Thailand and the Russian Federation, contributed to the easing in sugar prices
Global sugar prices have dropped back as a result of an expected global surplus over the next 12 months, the Food and Agriculture Organisation (FAO) has said.
Sugar prices on the FAO food prices index dropped by 6% in November, versus the previous month, averaging 340 points, the FAO said today (8 December). The FAO index is down by 15% from the peak it reached in July.
Expectations of a large global production surplus over the next 12 months, on the back of good harvests in India, the EU, Thailand and Russia, contributed to the easing in prices, the UN agency said.
According to Rabobank however, while the global sugar surplus is expected to increase moving into 2012, prices are not expected to fall sharply, the analyst group said in a note on Tuesday.
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