They were crowded out yesterday by storm news, but two newsworthy developments are coming out of sugar industry in the north.
The first is that yesterday, the millers, ASR/BSI, made the third and final payment to cane farmers for their 2021/2022 sugar cane deliveries. They were paid a third and final payment of 13 dollars, and 37 cents for every tonne of sugar cane delivered.
As this notice to cane farmers says, yesterday's third payment is based on a final cane price of 70 dollars and 78 cents for every tonne of sugar cane delivered to the mill. The first two payments are based on calculations of the estimated production quantity and the world market price. The final payment is made after the reconciliation of all sales.
The company points out that this year's total price is the highest in the last five years. It is also the highest since the 2017 changes in the European Market, which removed Belize's preferential pricing access.
BSI/ASR says that the increase of sixteen dollars and 22 cents over last year's price is mainly due to their investments to improve raw sugar and molasses efficiencies, the increase in direct consumption sugar production, and improved world sugar prices. The farmers also delivered cane with higher quality than last year.
