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Australia's sugar crop faces serious cyclone threat
01.02.2011 09:15 "Agro Perspectiva" (Kyiv) —
A massive cyclone due to slam into northeast Australia this week threatens to damage up to a third of the sugar cane crop in Queensland state, the heart of the national sugar industry, an industry official said on Tuesday. The threat to the crop in Australia, the worlds third-largest raw sugar exporter, adds further pressure to global prices for the sweetener that are hovering around 30 year highs around 33 cents per lb .
Global sugar supply will just cover demand this year a Reuters poll in January showed, although that fine balance could easily be upset by dire weather or logjams at ports in Brazil, the worlds top producer of the sweetener.
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