UK: British Sugar and NFU reach deal on beet contract terms
Published: 07/14/2017, 1:32:24 PM
British Sugar and National Farmers' Union (NFU) Sugar have reached a deal on sugar beet contract terms for 2018/19, according to the UK's East Anglian Daily Times newspaper.
The beet contract, which will continue to include one-year and three-year contracts, offers GBP22.50 (US$29.2)/tonne guaranteed minimum, with market-linked bonuses as before.
British Sugar agricultural director Colm McKay said: "We're pleased to have reached this agreement with NFU Sugar and believe it will continue to build on the firm foundations of our home-grown sugar industry. We're very proud of the relationship we have with each of our growers and look forward to continuing to grow the success story that is the beet sugar industry in the UK."
NFU Sugar chairman Michael Sly said they were "delighted" at the successful conclusion of contract terms. "It provides some certainty in an uncertain world and secures a bright future for the UK sugar beet growers," he said.
The one-year contract market linked bonus is a 10% share of the sugar market price above EUR475 (US$542.3)/tonne, while the three year contract market linked bonus is a 25% share of the sugar market price above EUR475/tonne.
The bonus will continue to be linked to the average EU market price for white sugar as published by the EU Commission on a monthly basis each marketing year Growers can expect to receive their contract offers on-line or in the post by mid-August.