France's Cristal Union joins peers in raising farmers' beet prices
PARIS, Nov 17 (Reuters) - France's second largest sugar and ethanol producer Cristal Union has followed its peers in raising the price at which it will buy sugar beets from its cooperative members this season as European sugar prices soar, two of them told Reuters.
The cooperative, which gathers 9,000 members, said in an email to members it would pay "more than 40 euros" ($41.30), premium included, per tonne of beet, up from 35 euros announced in June and 29.4 euros in 2021/22. Prices are based on a sugar content of 16 degrees.
The move follows a price increase by its main competitor Tereos last month, which put it at 41.85 euros per tonne of sugar beet, premium included, up 40% from 29.9 euros per tonne the previous season, as it aimed to pass on improved results.
A spokesperson for Cristal Union could not immediately confirm. ($1 = 0.9686 euros) (Reporting by Sybille de La Hamaide; Editing by David Gregorio)
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