BP Bunge Bioenergia, a Brazil-based joint venture for sugar and biofuels, took advantage of what it called a "rare market condition" to hedge a large amount of sugar sales for the next two seasons. The JV, which was set up late last year and is backed by Bunge Ltd and BP Plc, has hedged 60% of its 2021 sugar sales and 40% of its 2022 sales, Chief Executive Geovane Consul said in an interview on Friday. "We took advantage of a situation of sugar prices going up in New York at the same time as the local currency was falling strongly, that is pretty rare," Consul said, adding that average prices for 2021 are 10% above the previous year, while prices for 2022 are 8% higher than 2021.
Tate &Lyle today revealed it has bought stevia-producer Sweet Green Fields in the latest move towards zero-calorie, aspartame-free natural sugar substitutes. Its household name brands still seen on supermarket shelves, including Lyle's Golden Syrup and Tate & Lyle, were sold to America Sugar Refining. On Tuesday the company announced the acquisition of Sweet Green Fields, which is expecting revenues of around $50million in the year to December 31, saying that the move would bring "a fully integrated stevia supply chain to Tate & Lyle".
Indian sugar mills have produced 4.29 million tonnes of sugar in the first two months of the 2020/21 marketing year started on Oct. 1, up 107% from a year ago, a leading trade body said on Wednesday. The country is the world's second biggest sugar producer and higher output could weigh on global prices.