Sugar supplier to the bakery and confectionery industry, Ragus, said it expects further commodity price hikes and contests whether proposed EC intervention on import duty tariff reductions would have the desired effect on the deficit in the EU market.
Current uncertainty suggests further price gains are likely in wheat over the coming months with EU prices expected to set record highs prior to the new crop harvest, predicts agri commodity specialists Rabobank, who foresee a downward movement on sugar...
The European Commission, in a policy about face, said it may open the import quota or allow the sale of out-of-quota sugar into the bloc - a move that would bring relief for bakers and other food makers set to negotiate new sugar contracts.