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Rising sugar prices aid growers
20 Jul 2004
A strong recovery in global sugar prices is expected to reduce the percentage of Australia's 6,500 cane growers to take up the Federal Government's offer to help them quit the industry. Industry analysts are predicting a strong year for sugar, with prices of $250 to $275 per tonne for most of the next year.
Earlier this year, the industry claimed up to 2,000 farmers would leave unless they received some assistance. Now Canegrowers says it expects only 500 to 1,000 farmers will take "re-establishment payments" of up to $100,000, with most growers staying in the industry.
Although growers are buoyed by the price increase, it's still a long way from the glory days of the 1990s when the average price was $345 per tonne.
Australian Financial Review, 20/7/04.
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