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The FAO Sugar Price Index averaged 134.6 points in December, down 26.8 points from November
09.01.2024 11:55 "Agro Perspectiva" (Kyiv) —
The FAO Sugar Price Index averaged 134.6 points in December, down 26.8 points (16.6 percent) from November, marking the lowest level in the past nine months, but remaining 17.5 points (14.9 percent) above its level in the same month last year. The December plunge in international sugar price quotations was mainly driven by the strong pace of production in Brazil, bolstered by conducive weather conditions. Strong exports from Brazil, along with lower returns from ethanol sales, contributed to the overall decline in world sugar prices. In addition, the decision of the Government of India to limit the use of sugarcane for ethanol production in the current season exerted some further downward pressure on prices. For 2023 as a whole, the FAO Sugar Price Index averaged 145 points, up 30.6 points (26.7 percent) from 2022 and the highest value since 2011 mainly on concerns over a tighter global sugar balance.
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