BSI confirms new final cane payment record ahead of 2024-2025 season

Published by BBNTEAM at October 29, 2024

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Posted: Tuesday, October 29, 2024. 4:12 pm CST.

By Aaron Humes: Belize Sugar Industries Limited (BSI) reports that for the second consecutive year, cane farmers in northern Belize will receive a record final payment for their sugarcane.

The payment to be made next Monday, November 4, is BZ$90.95 per ton of cane for the 2024 crop.

The record price can be attributed to several factors including the financial benefits of strategic and transformational investments by BSI, combined with continued new market exploration – particularly in CARICOM – and improved global market prices for sugar.

This final cane price is based on the 2024 crop production figures of 1,027,462 metric tons of cane delivered to the mill from which 102,718 metric tons of sugar, and 39,958 metric tons of molasses was produced. Sugar sales include raw sugar destined for the European Union and U.S. markets and Direct Consumption Sugars (DCS) for the EU, Belize domestic, CARICOM and other markets.

Shawn Chavarria, BSI Finance Director, says “While this record final payment could have been higher if cane quality was better and crop disruptions were avoided, this record payment comes at an opportune time given the new challenges posed by crop disease. We hope that farmers will take advantage of the record payment and implement preventative measures for tackling disease and pests. In addition, this new record payment demonstrates the highly beneficial terms of the current Commercial Agreement that farmers enjoy for the purchase of their sugar cane. We remain optimistic that farmers will be motivated to invest more in their cane land to increase both productivity and cane quality.”

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