The European Union may be close to finalizing a price cut for the purchase price of sugar that they get from Belize. Credible sources have it that the E.U. is looking to cut the current purchasing price of sugar by 33%t. This means that farmers will be experiencing a sharp reduction in the price they are paid for their sugar deliveries. In the last presentation of the sugar industry status held on the 11th of this month stated that a price cut of 30% percent would mean that farmers would be receiving $33.13 per ton of sugar cane. This year the farmers were receiving up to $41 per ton of cane. The proposal is just that at this point, but all things considered it is not the worst case scenario, but it is still pending approval by the European parliament; approval which could come by the end of summer.
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