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The Cabinet has approved the increase of sugar prices initiated by the Ministry of Agrarian Policy and Food, by 1% or 44.99 USD, to 4,723 UAH/ton, compared with the previous period, for sugar beet - by 1.6% or 5.45 UAH, to 343.55 UAH/ton, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.
According to the Ministry of Agrarian Policy, the recommended pricing was adopted for 2014/2015 marketing year (September 2014 - August 2015, MY) by the Cabinet’s decree "On state regulation of sugar and sugar beet production."
However, based on the domestic market needs, the Cabinet reduced the quota for sugar supplies to the domestic market (Quota A) for the next MY from the current 1.826 million tons to 1.811 million tons
According to government analysts, a pricing like that will ensure breakeven production of sugar beet and sugar. In addition, the ministry is confident that these measures will help stabilize production of sugar beet and sugar to satisfy the internal needs of the state for sugar, regulate the internal market and create real prerequisites for the optimal functioning of the industry.
The minimum sugar price, as well as the limit quotas for this product on the domestic market are set annually, pursuant to the Law of Ukraine " On state regulation of sugar and sugar beet production".
Given the scientific norms of sugar consumption per capita, this figure is set at 38 kg for the 2014/2015 MY, so the total consumption for this period is 1.811 million tons.
According to forecasts of the Ministry of Agrarian Policy, sugar production in 2013/14 MY will be 1.3-1.5 million tons, which will fully cover domestic demand due to the record carryovers. The country has experienced an overproduction of sugar for the previous two years: the volume of domestic consumption of the product