Farming News - UK Sugar beet growers to receive first ever market-linked bonus pay-outs
UK Sugar beet growers to receive first ever market-linked bonus pay-outs
Sugar beet growers across the UK are set to receive a market-linked bonus later this year, after EU average sugar prices hit the trigger point for the first time.
In April, the reported market price for white sugar reached €379 per tonne, which is above the reference point of €375 per tonne that triggers a bonus for UK sugar beet growers who had tonnage on a one-year contract with British Sugar for the 2019/20 crop.
The final total amount payable will be determined in the autumn, once the EU Commission has reported average prices for September. It is expected that the bonus will be paid towards the end of 2020.
British Sugar’s Agriculture Director Peter Watson commented:
“Although the 2019/20 market-linked bonus will be a relatively small premium this year, we’re pleased to see the mechanism triggered for the first time since it was introduced three years ago.
“We know that last year’s campaign was difficult, with unprecedented weather conditions, so it is welcome to be able to share the upside of the market with our growers.”