B.S.I. Announces Record High Sugar Cane Prices

For the second year in a row, cane farmers in northern Belize are celebrating a record-breaking final payment for their sugarcane. Today, Belize Sugar Industries (B.S.I.) announced that farmers will receive an impressive ninety dollars and ninety-five cents per ton for the 2024 crop. According to B.S.I., this price surge is driven by the continued growth of value-added sugar and robust sales, especially in the Caribbean market. We caught up with B.S.I.’s Financial Director, Shawn Chavarria, to get more insights into this historic price milestone.

 

Shawn Chavarria, Financial Director, B.S.I.

“For the second consecutive year that we have our record key in payment to farmers for the 2024 crop of ninety dollars and ninety-five cents and per our commercial agreement, this payment will be made on Monday, November fourth. As we’ve highlighted in the press release, this really comes at a good time for farmers as the industry is battling a new disease called fusarium, and it’s affecting the growth of the sugar cane. While it’s not pronounced throughout the industry, it’s mainly being seen in the Corozal District. It is something that the industry needs to pay close attention to, and there are certain preventative measures that we will need to put in place. And so, in terms of disposable income, this payment comes at a really good time, given it’s, it’s a record price, it’s one of the highest farmers will receive. And so, farmers will be able to have this additional funds.  To be able to put in place some mitigation control. But it’s a it’s a good it will be a good day for farmers. We believe a lot of them will be very pleased with the campaign. And it continues to demonstrate the benefits of the commercial agreement where we’re sharing the value of the all the sugars that we produce, including the value of added sugar. Where we continue to get good prices, particularly in CARICOM, and we’re seeing good value for the sugar being produced. So it will be a good day. And, you know, we hope that farmers take this opportunity to use these funds to not only address fusarium, but also consider replanting. There are some programs that are coming on stream. The Green Climate Fund grant of twenty-five million U. S. We have AgroPro. Last week, we launched SmartGrow. We also know that there’s the CRESCAP from the World Bank, which will also provide grant funding. So the industry is really set up for the next few years to be able to improve its competitiveness. And so we hope that Farmers use this opportunity to take advantage and improve their productivity and improve their long term sustainability.”