India is set to maintain sugar export subsidies for a third year in a row in a bid to reduce surplus stocks and ensure domestic prices don't fall below a government benchmark, three sources involved in policy making told Reuters. The subsidies are designed to boost exports from the world's second biggest sugar producer though increased shipments could put further pressure on global prices, which have already fallen more than 10% so far this year. "Sugar export incentives for 6 million tonnes could be announced before the end of this month," said a government official involved in policy making who declined to be named.
World food prices rose for a third month running in August, led by coarse grains, vegetable oils and sugar, the United Nations food agency said on Thursday. The Food and Agriculture Organization's food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 96.1 points last month versus 94.3 in July. The Rome-based FAO also said in a statement that worldwide cereal harvests remained on course to hit an annual record in 2020.
Today with us, we have Mr. Mariano Bosch, CEO; Mr. Charlie Boero Hughes, CFO; and Mr. Juan Ignacio Galleano Investor Relations Manager. Indeed, we diverted 54% of the TRS to sugar production compared with 25% during the second quarter of 2019.