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Increase in areas with sugar beet by 5% to allow balancing Ukrainian sugar market in 2021/22 – experts
KYIV. Sept 6 (Interfax-Ukraine) – Expansion of the area with sugar beets by 5% in the 2021/2022 marketing year (September-August) compared to 2020/21 to 230,000 hectares, as well as the expected recovery of its yield and sugar content to average values for five years will help to balance the sugar market in Ukraine.
Such an assessment by analysts is given in a report on the website of the Polish bank mBank.
"In 2021/22, we assume that with an increase of 5% in areas with sugar beet, recovery of its yield and sugar content, sugar production may return to the level of 1.35 million tonnes, which will help to balance the sugar market this season (versus 0.3 million tonnes of shortage in the 2020/2021 season)," the bank said.
The analysts at mBank said that they expect normalization of production indicators in the industry to the five-year average in the current year.
"It is worth noting that in the 2020/21 season there is still a sugar shortage of 0.3 million tonnes. In Ukraine, prices for it in the next season may fall to the level of global prices," the experts of mBank said.