And while the controlled price of sugar is not likely to change with the election forecast for early next year, the price on the export market continues to be favorable.
BSI is now gearing up to make its third and final payment to farmers for the sugar crop season. The price estimate in August was at a record price of $75.20, five dollars above last year's record price - and the early price estimate for November is set to exceed that and set another new record high:
Shaun Chavarria, Director of Finance, BSI
"Yes, so the cane price estimate we issued at the end of September was close to $88- $87.99. That's a new record price we have never had a price that high. A final price will be issued at the end of October which will be for the final payment which is due the first Monday of November. We know that farmers are very pleased with this price we think it is a demonstration of the investments that we have made in terms of expanding value added sugar the port investments to lower shipping costs and also the world market prices that have been increasing so we've been hearing positive feedback on that and we are hoping to see even a smaller adjustment when the final price comes in at the end of October."
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