Despite a late start to the cane season - which left some farmers with cane in the fields - it was still a very good year. There was a record crop of 141,998 tonnes and now there is a record high second payment, which farmers will get next week.
This is based on the revised cane price of 70 dollars and 45 cents - the highest on record -and actually higher than the final payment for last crop. So that means farmers will get on average 21.27 cents average payment per tonne on this second payment - which is way up from last year. Financial Controller Belizario Carballo told CTV-3 more.
Belizario Carballo, Financial Controller, B.S.I.
"So the revised cane prices is now $70.45, which is a new record in terms of 2nd payment cane price estimate. This is the highest on record for a 2nd payment cane price estimate. Last year for example, the 2nd payment cane price estimate was actually the final cane price estimate for the crop was $67.52. The 2nd cane price estimate was, we know that. So, this 2nd payment cane price estimate is above the final payment for payment for last crop was."
So, based on the average price per tonne of cane - which is way up this year - as much as 25 million dollars will be pumped into the Belizean economy next week. The group which will be receiving the highest second payment is registered with the Progressive Sugar Cane Producers Association. They will receive a second payment of $23.41.
Though sugar prices are down in the European market - these higher prices reflect sugar sales that had been agreed to on contract before the prices fell.
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