HAMBURG (Reuters) -Suedzucker, Europe's largest sugar producer, confirmed a jump of about 90% in third-quarter operating profit on Thursday as improved sugar markets boosted earnings. Suedzucker, whose operations range from pizza and processed foods to food ingredients and bioethanol, said its sugar business swung to a quarterly operating profit of about 10 million euros from a 28 million euro loss in the same period last year. "With a further deficit in the world sugar balance in the 2021/22 marketing year, the world market environment is expected to remain positive," Suedzucker said.
A small river in the middle of coffee plantations, sugar cane fields and a forest provides energy to a hydroelectric power plant in Costa Rica that feeds hundreds of computers wired up to the cryptocurrency mining business. The plant was forced to reinvent itself after 30 years because the government stopped buying electricity during the pandemic due to surplus power supply in the Central American country, where the state has a monopoly on energy distribution. "We had to pause activity for nine months, and exactly one year ago I heard about Bitcoin, blockchain and digital mining," said Eduardo Kooper, president of the family business that owns the 60-hectare farm Data Center CR and the plant.
Indian mills are holding off on signing new sugar export contracts as falling global prices and a strengthening rupee have widened the gap between local and global rates, industry officials told Reuters. Lower shipments from the world's No. 2 sugar producer could support global prices that fell to their lowest in 5-1/2 months on Monday but could also prompt Indian mills to divert more sugar for ethanol production. Mills aggressively sold sugar when international prices were around 20 cents per lb, said Rahil Shaikh, managing director of MEIR Commodities India.