Newspaper article The Daily Mercury (Mackay, Australia)

Sugar Prices Are Tipped to Retain Strength

Newspaper article The Daily Mercury (Mackay, Australia)

Sugar Prices Are Tipped to Retain Strength

Article excerpt

Byline: Kate Bastable kate.bastable@dailymercury.com.au

SUGAR prices are tipped to stay strong during the next couple of years as the industry recovers from the adverse effects of excessive rainfall and Tropical Cyclone Yasi.

While Canegrowers Mackay chairman Paul Schembri was pleased with the forecast in the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) quarterly commodities report, released yesterday, he warned sugar prices were volatile.

aThey are obviously of the view that there will be strong sugar prices going forward to 2015-16,a Mr Schembri said.

aIt is a forecast and does not necessarily reflect what might happen.a

The ABARES report predicts global demand for commodities will boost Australia's agricultural, mineral and energy exports by 14% to more than $250billion in the 2011 financial year.

Deputy executive director Paul Morris said the value of mineral resources exports was expected to rise 16% to $215billion in 2011/12, especially on strong demand for commodities from China and other Asian markets.

The report says China's share of Australian minerals exports rose from 5%in 1999/00 to 37% a decade on, while India's share rose 10 percentage points to 11% in 2009/10, the report said. Australia is projected to remain the world's largest exporter of coal in the medium term, underpinned by strong demand from Asia and supported by expansion of mines and infrastructure in Queensland and New South Wales. …

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