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sugartraders news
Sunday, 5 July 2009
Please sponsor sugar traders running for charity on Wednesday 8th July
Please sponsor sugar traders running this Wednesday 8th July in Battersea Park in the JP Morgan corporate challenge.
Friday, 6 March 2009
Commission welcomes success of EU sugar reform as restructuring process concludes
"I am pleased to say that the sugar reform has been a success," said Mariann Fischer Boel, Commissioner for Agriculture and Rural Development. "This was one of the centrepieces of my current mandate and it's gratifying that we are so close to our ambitious target. Our sugar sector was in desperate need of reform. More sustainable production and prices promise a competitive future for our producers."
In a press release issued today, Mrs Fischer Boel noted that the fundamentals of the EU sugar market were sufficiently healthy and that there was no need to impose an obligatory withdrawal of sugar for the current marketing year 2008/09. Mrs Fischer Boel also noted that a preventive withdrawal is not necessary for 2009/10 either. This assessment is based on very provisional estimates, notably for imports. The EU sugar market situation will be reviewed in October on the basis of updated estimates for beet and sugar production and for imports, and again in February 2010, to see whether there is a need for "preventive withdrawal" for the marketing year 2010/2011 or a "final cut" i.e. a further reduction of quota.
Indeed, the EU27 supply/demand situation does seem fairly balanced for the next couple of years, but as EPA and EBA sugar imports grow as investments in Africa, the Caribbean, the Pacific and other LDC countries bear fruit, the EU27 sugar balance may move from balance to surplus.
In a press release issued today, Mrs Fischer Boel noted that the fundamentals of the EU sugar market were sufficiently healthy and that there was no need to impose an obligatory withdrawal of sugar for the current marketing year 2008/09. Mrs Fischer Boel also noted that a preventive withdrawal is not necessary for 2009/10 either. This assessment is based on very provisional estimates, notably for imports. The EU sugar market situation will be reviewed in October on the basis of updated estimates for beet and sugar production and for imports, and again in February 2010, to see whether there is a need for "preventive withdrawal" for the marketing year 2010/2011 or a "final cut" i.e. a further reduction of quota.
Indeed, the EU27 supply/demand situation does seem fairly balanced for the next couple of years, but as EPA and EBA sugar imports grow as investments in Africa, the Caribbean, the Pacific and other LDC countries bear fruit, the EU27 sugar balance may move from balance to surplus.
Tuesday, 12 August 2008
Survivors of the sugar shake-out look forward to sweeter times
In an interesting article in today's Financial Times, it is argued that removing the EU's hitherto chronic sugar surplus should ultimately mean a return to a premium prices. "The worst of the pain is over", Julian Lakin of Mirabaud Securities is reported saying, and that pain has been "much worse than anyone expected" when the regime was originally set out, but "at least the future of ABF's and Tate's EU refining looks more assured than it did then", he adds.
In June 2008, the European Commission reported on its website that the average sugar price in the European Union (ex-work prices, standard quality, in bulk or big bags in March 2008) was €604.00 per tonne, a reduction of around 17% already compared with pre-reform average prices. In accordance with the sugar reform, the Commission has now set up an information system on prices, including a system for the publication of the price levels for the EU sugar market. According to the FT article, analysts in the City of London are asking whether the old premium to the EU price will return when the reference price drops to €404.4 per tonne. "That is the $64,000 question," Charlie Mills, analyst at Credit Suisse, says.
Saturday, 23 February 2008
Tate & Lyle goes Fairtrade
Tate & Lyle announced today that they intend to convert all their retail sugar to Fairtrade™ status. In a press release, the company announced:
"At Tate & Lyle we believe in a fair deal for everyone. That's why we're working to making sure our entire retail cane sugar range is 100% Fairtrade. This means our sugar cane farmers will receive a Fairtrade Premium for their crop. We're also taking big steps to reduce our carbon emissions; that's another good reason to smile."
For further information, please click the links below:-
Sunday, 11 November 2007
BBC's "The Food Programme discusses EU and ACP sugar
BBC Radio Four's The Food Programme today broadcast quite a thoughtful documentary about EU and ACP sugar in light of the EU sugar reform and the EU's denunciation of the ACP Sugar Protocol. You can listen again the the programme by going to the programme's website.
BBC presenter Sheila Dillon spoke with luminaries such as Prof Jack Winkler, who advocates an increase in the EU price of sugar rather than a 36% cut, and a Mr Tom Lines, a consultant. BBC Caribbean reporter Orin Gordon interviewed The Hon Erskine Griffith, Minister of Agriculture of Barbados; Dr Anthony Kennedy, senior plant breeder at the West Indies Central Cane Breeding Station; and Mr Chris Docherty, managing director of the company behind Barbados Plantation Reserve special sugar, which is apparently being sold in Waitrose for £2.49 for 500g and in Tesco for £2.99 for 500g (that's an astonishing $12,600.00 per tonne!).
Special sugars marketed in the EU also originate in Malawi (marketed in the UK by Whitworths), Mauritius (marketed in the UK by Billingtons), Reunion and other countries.
Wednesday, 7 November 2007
Imports of high-content sugar products into the EU
The European Commission today informed operators that there is "reasonable doubt" as to the origin of sugar in high sugar content products of heading CN 1704 90 99; 1806 10 30; 1806 10 90; 1806 20 95; 1901 90 99; 2101 12 98; 2101 20 98; 2106 90 59; 2106 90 98; 3302 10 29. The Commission warned operators to take "all necessary precautions" to guard against fraud.
Wednesday, 26 September 2007
Council agrees "mini-reform" of EU sugar policy
The EU Agriculture Council today agreed the "mini-reform" of the EU sugar policy, Agriculture Commissioner Mrs Fischer Boel said at the press conference after the meeting. Mrs Fischer Boel noted that for the first time EU beet growers would be able to decide on quota renunciation, with the incentive of a one-off payment of 300 €/t; she further noted that the strength of the cereals market would encourage further renunciation of quota, but if the desired quantity was not reached, there would be an across-the-board quota cut in 2010. The press conference can be viewed online here. Earlier today, the beet growers group CIBE issued a press release which can be viewed here.
Tuesday, 25 September 2007
Council meets to agree "mini-reform" of EU sugar policy
The EU Agriculture Council meeting will start at 11.00 on Wednesday 26 September. On sugar, the Council should adopt by a qualified majority a regulation (9147/07) amending the scheme for restructuring the EU sugar industry. Certain points put to delegations in July have been taken into account in the final text; these include the principle of voluntary restructuring, a two-phase approach to restructuring applications in 2008/2009 and a final reduction in the quota which takes account of the restructuring effort already made. The Commission hopes that the amendments will free up approximately 3,8 million tonnes of sugar quota in addition to the 2,2 million tonnes already renounced. If insufficient quota is renounced by 2010, the Commission also proposes that the level of compulsory reduction should vary in the light of the number of quotas which each Member State gave up under the restructuring scheme. For more information, see the Council briefing note here and here.
Monday, 24 September 2007
EU to denounce the ACP Sugar Protocol
Sugar has been high on the agenda this month in Brussels. On September 12, EU Trade Commissioner Peter Mandelson, EU Development Commissioner Louis Michel and EU Agriculture Commissioner Mariann Fischer Boel met with ministers from key sugar producing countries in the African, Caribbean and Pacific region to discuss upcoming changes in the EU's sugar import regime. The meeting with ministers from Fiji, Mauritius and Guyana took place in parallel to the European Union's ongoing negotiations of the Economic Partnership Agreements with the ACP.
Meanwhile, the Trade Commissioner has published an article entitled, "Why has the EU proposed to end the EU-ACP Sugar Protocol?".
Meanwhile, the Trade Commissioner has published an article entitled, "Why has the EU proposed to end the EU-ACP Sugar Protocol?".
Friday, 15 June 2007
Friday, 23 February 2007
EU Sugar Management Committee approves a "preventive withdrawal" of two million tonnes for the sugar year 2007-2008.
The European Commission today indicated that it expects to have to withdraw two million tonnes of sugar from the European market in October 2007 under Article 19 of Regulation 318/2006. However, the emergency powers in Article 42 of 318/2006 have been used to derogate from Article 19 for enterprises which reduce their plantings by 13.5 percent, and member States where there has been participation in the voluntary restructuring scheme. Other considerations were raised by member states, but these were deemed to be 'non-urgent', including the impact of the withdrawal on the cane refining sector and the possible consequent impact on the EU's international trade commitments.
The Commission is expected to make proposals to Agriculture Council for changes to the Council regulations in April. These proposals are expected to cover amendments to the operation of the restructuring scheme, and amendments to Article 19 which may change the basis for future quota cuts.
The Commission is expected to make proposals to Agriculture Council for changes to the Council regulations in April. These proposals are expected to cover amendments to the operation of the restructuring scheme, and amendments to Article 19 which may change the basis for future quota cuts.
Friday, 5 January 2007
Warm welcome to Bulgaria and Romania!
On 1st January 2007, the European Union enlarged to encompass 27 member states, and the EU sugar regime expanded accordingly.
In accordance with the treaties of accession, Bulgaria and Romania were allotted sugar and isoglucose production quotas and "traditional refining needs" (refining quotas). The new member states were also included in the support measures for sugar beet farmers, and the sugar restructuring scheme. For the 2006/07 marketing year, transitional measures will apply whereby the provisions on minimum beet prices, inter-professional agreements and quota allocation provided for in Articles 5, 6 and 7 of Regulation (EC) No 318/2006 will not apply. The Commission also spelled out the consequences if the new member states enter the EU with unusually large quantities of sugar in stock.
During the transitional period, special import arrangements will apply until 30 September 2007; the system which will operate after that remains open to negotiation. During the first nine months of EU membership, Bulgarian and Romanian refiners may be able to capture around €70 million of quota rent thanks to the new import arrangements (or approx. €250m until September 2009), but during the Agriculture Council meeting on 19/21 December 2006, Bulgaria and Romania issued a statement reserving their right to return to the issues concerning the position of full time sugar refiners in Bulgaria and Romania and also the phasing-in of the sugar direct payments in Bulgaria and Romania.
In accordance with the treaties of accession, Bulgaria and Romania were allotted sugar and isoglucose production quotas and "traditional refining needs" (refining quotas). The new member states were also included in the support measures for sugar beet farmers, and the sugar restructuring scheme. For the 2006/07 marketing year, transitional measures will apply whereby the provisions on minimum beet prices, inter-professional agreements and quota allocation provided for in Articles 5, 6 and 7 of Regulation (EC) No 318/2006 will not apply. The Commission also spelled out the consequences if the new member states enter the EU with unusually large quantities of sugar in stock.
During the transitional period, special import arrangements will apply until 30 September 2007; the system which will operate after that remains open to negotiation. During the first nine months of EU membership, Bulgarian and Romanian refiners may be able to capture around €70 million of quota rent thanks to the new import arrangements (or approx. €250m until September 2009), but during the Agriculture Council meeting on 19/21 December 2006, Bulgaria and Romania issued a statement reserving their right to return to the issues concerning the position of full time sugar refiners in Bulgaria and Romania and also the phasing-in of the sugar direct payments in Bulgaria and Romania.
Thursday, 23 November 2006
Commissioner Fischer Boel urges further efforts in restructuring the EU sugar industry.
"Sugar producers who are not competitive should get out now for their own benefit"
Mrs Mariann Fischer Boel, European Commissioner for Agriculture and Rural Development, took the initiative at Monday's EU Agriculture Council meeting to raise a point regarding the EU sugar industry restructuring plan; the assembled EU agriculture ministers were reported to have taken note.
"Key to success of our sugar reform is the need to take out 6 million tons of quota via the four year application of the restructuring fund", Mrs Fisher Boel said, "In the first year of application of the reform, we managed to get out 1.5 million tons of production quota. The quotas applicable by 1 July 2006 were reduced correspondingly. The deadline for the next round of application for participating in the restructuring fund is the 31 January 2007. At this stage it appears that applications only in the order of 700,000 tons are being prepared for the next round in spite of the high restructuring aid 730 €/t applicable also for this round."
"The Commission is not going to bail out the industry", she added, "The coming weeks will be crucial, where some hard decisions by sugar producers need to be taken." "In collaboration with Member States, the sugar industry needs to take its responsibility to facilitate the restructuring process. If the restructuring scheme fails, the consequences are clear to everybody “there will be no other funds to facilitate the restructuring of the sugar industry and we will have to apply a linear cut in quotas by 2010."
Click to see: Commission press release
Mrs Mariann Fischer Boel, European Commissioner for Agriculture and Rural Development, took the initiative at Monday's EU Agriculture Council meeting to raise a point regarding the EU sugar industry restructuring plan; the assembled EU agriculture ministers were reported to have taken note.
"Key to success of our sugar reform is the need to take out 6 million tons of quota via the four year application of the restructuring fund", Mrs Fisher Boel said, "In the first year of application of the reform, we managed to get out 1.5 million tons of production quota. The quotas applicable by 1 July 2006 were reduced correspondingly. The deadline for the next round of application for participating in the restructuring fund is the 31 January 2007. At this stage it appears that applications only in the order of 700,000 tons are being prepared for the next round in spite of the high restructuring aid 730 €/t applicable also for this round."
"The Commission is not going to bail out the industry", she added, "The coming weeks will be crucial, where some hard decisions by sugar producers need to be taken." "In collaboration with Member States, the sugar industry needs to take its responsibility to facilitate the restructuring process. If the restructuring scheme fails, the consequences are clear to everybody “there will be no other funds to facilitate the restructuring of the sugar industry and we will have to apply a linear cut in quotas by 2010."
Click to see: Commission press release
Friday, 1 January 1999
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