UPDATE 1-France's Cristal Union joins move to raise farmers' beet prices
(Adds confirmation from company)
PARIS, Nov 17 (Reuters) -
Cristal Union, the second-largest sugar and ethanol producer in France, has followed its peers in raising the price for purchases of sugar beets from its cooperative members this season as European sugar prices soar, two members told Reuters on Thursday.
The Cristal Union cooperative, which has 9,000 members, said in an email to its members that it would pay "more than 40 euros" ($41.30), premium included, per tonne of beets, up from the 35 euros announced in June and 29.4 euros in the 2021/2022 season. Prices are based on a sugar content of 16 degrees.
A spokesperson for Cristal Union confirmed the new price in a text response to Reuters.
The move follows a price increase last month by Cristal Union's main competitor, Tereos, which put it at 41.85 euros per tonne of sugar beets, premium included, up 40% from 29.9 euros per tonne in the previous season, as it aimed to share the benefits of its improved results. ($1 = 0.9686 euros) (Reporting by Sybille de La Hamaide; Editing by David Gregorio and Paul Simao)
© Copyright Thomson Reuters 2022. Click For Restrictions - http://about.reuters.com/fulllegal.asp