The European Union issued licenses to export 699,999.992 metric tons of sugar in the 2011-12 season started in October, according to the European Commission, the bloc’s regulatory arm.
Applications were made to export 1.29 million tons of the sweetener, according to a notice on the commission’s website today. The limit was 700,000 tons, it said. EU sugar production will climb to 18 million tons in 2011-12 from 16 million tons last season, said Keith Flury, an analyst at Rabobank International in London.
“It’s little surprise the application for licenses exceed the 700,000 tons given the size of the EU crop this season,” Peter de Klerk, an analyst at C. Czarnikow Sugar Futures Ltd., said by phone from London today.
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