date:Sep 16, 2015
Sugar prices are to hit 11-year low next season, thanks to greater than expected carry-over of inventories, Australian government crop agency Abares said.
Abares lowered its estimate of 2016-15 raw sugar prices to just 10 cents a pound, compared to a forecast of 13 cents a pound made in June.
Abares saw the average 2014-15 sugar price at 14 cents a pound.
World supplies are forecast to be plentiful, with world carry-over stocks in 2014-15 expected to have reached record levels, Abares said.