Feb. 10 (Bloomberg) -- Russia’s exports of sugar made from domestically grown beets may reach 270,000 metric tons in the marketing year that ends on July 31, the Institute for Agricultural Market Studies said.
Ikar, as the institute is known, raised the export forecast by 8 percent from 250,000 tons made in November after refineries produced a record 5 million tons of the sweetener by the end of January and still continue to process the beets.
Ikar raised its forecast for domestic consumption by 1.3 percent to 5.67 million tons this season from an earlier estimate of 5.6 million tons, Yevgeny Ivanov, Ikar’s senior sugar analyst, said by phone from Moscow today.
Usage may increase because of low sugar prices in the domestic market that are currently at 25 rubles (83 U.S. cents) a kilogram, Ivanov said. Consumption may also gain on greater domestic sugar use in caramel production after Russia barred caramel imports from Ukraine with a duty last year, Ivanov said.
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