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| 22 January, 2018

Egypt raises local sugar buying price as cane harvest begins

Egypt has raised its buying price for sugar cane to EGP720 Egyptian ($40.75) per tonne.

Farmers pack sugar cane in the southern Egyptian town of Nagaa Hamady in Qena, some 700 km (435 miles) south of Cairo, January 10, 2010. Qena is one of the biggest producing governorates of sugar cane in the country.

Farmers pack sugar cane in the southern Egyptian town of Nagaa Hamady in Qena, some 700 km (435 miles) south of Cairo, January 10, 2010. Qena is one of the biggest producing governorates of sugar cane in the country.

REUTERS/Asmaa Waguih
CAIRO- Egypt has raised its buying price for sugar cane to 720 Egyptian pounds ($40.75) per tonne from 700 pounds, the supply ministry said on Monday, after farmers had been reluctant to sell to the government at the start of the sugar cane harvest.

Egypt expects to produce about 1 million tonnes of sugar from cane this season, which runs from January through May.

Egypt also produces about 1.3 million tonnes of sugar from sugar beet each year and consumes about 3 million tonnes annually.

It meets its production shortfall with a mix of private and public sector imports.

The buying price increase follows an initial hike to 700 pounds per tonne from 620 pounds earlier this month, a ministry spokesman said.

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Egypt said last month it had sufficient sugar reserves to meet local demand for five months.

($1 = 17.6700 Egyptian pounds)

(Reporting by Eric Knecht; editing by Jason Neely) ((eric.knecht@thomsonreuters.com; +20 2 2394 8102; Reuters Messaging: eric.knecht.thomsonreuters.com@reuters.net))