Ukraine hunts for sugar buyers as EU quota almost used up

Reuters via XM

Thursday, May 2, 2024

By Pavel Polityuk KYIV, May 2 (Reuters) -Ukraine is likely to have used up its proposed 2024 sugar export quota from the European Union by next month and could have to cut the area sown with sugar beet by up to 20% unless it finds other markets, a top official said on Thursday. Taras Vysotskiy, Ukraine's first deputy agriculture minister, told Reuters that his country, which plans to refine 1.8 million metric tons of sugar in 2024, will only be able to export 262,000 tons of sugar to the EU for the whole year. "Most likely it looks like that by June 5, before the entry into force of this potential quota decision, this quota is likely to be used and there will be no export (to the EU) until January 1, 2025," Vysotskiy said. He added that Ukraine had already exported 220,000 tons of sugar to the EU this year. *** For more info, see: https://www.julianprice.com/benchmarks

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