AGRICULTURE NEWS - The recent major decline in international crude oil prices is likely to have a significant impact on South Africa’s sugar value chain.
Largely due to a dispute between Russia and the Organization of the Petroleum Exporting Countries, combined with market disruptions caused by the coronavirus disease (COVID- 19) pandemic, Brent crude oil prices fell steeply from over US$50/barrel (about R887) in late February to below US$30 (R532) in late March 2020.
Dr Thomas Funke, commercial executive at SA Canegrowers, said the world sugar price had already started to decline as Brazil geared up to produce more sugar and less ethanol from its national sugar cane crop.
Read the full article here on the Caxton publication, Farmer's Weekly
