NFU Sugar and British Sugar have agreed a beet price of £40 per tonne for the 2023/24 sugar beet contract year, which represents a 48% price increase on the previous year. The offer also includes a number of new options for growers to consider as part of the contract: An option to purchase a yield guarantee product that protects income against yield losses. A ‘futures-linked’ variable price contract for the 2023/24 crop which enables growers to make more dynamic pricing decisions for up to 20% of their contracts. A local premium, revised multi-year prices, and the option of a cash advance. Growers within 20 miles of any British Sugar factory will receive a local premium of up to £2, based on distance to the factory. All growers with an existing 2023 commitment will automatically receive an upgrade to £32/t, from £25/t. Growers can upgrade this further to £40/t if they commit to grow sugar beet in 2024.