S&P Global cuts 2023/24 EU sugar output forecast as pesticide ban bites
S&P Global Commodity Insights has cut its 2023/24 forecast for sugar output in the European Union plus United Kingdom by 570,000 tonnes to 16.8 million, citing the impact of a recent pesticide ban.
It is reported by hellenicshippingnews.
The outlook still represents growth of 1 million tonnes versus the 2022/23 sugar crop.
The European Court of Justice earlier this year banned that granting of exemptions for the use of neonicotinoid pesticides that are harmful to bees.
The ruling is deterring farmers from planting sugar beet because they fear crop damage.
S&P Global said in an industry note seen by Reuters it now expects the sugar beet planted area in leading EU producer France to shrink by 7% in 2023/24.
Overall though, it sees the beet planted area in the EU plus UK rising 1%, though this forecast has also been lowered following the ban.