Drought in France may damage sugar beet crops, with no rain relief expected in the short term

Golden Ten Data reported on July 1 that the head of the French Beet Growers Association (CGB) stated France, the largest beet producer in the EU, is facing threats to beet yields due to prolonged drought. The French Meteorological Agency forecasts that there will be no rainfall at least until July 14 in the beet growing plains around Paris and in northern France. Concerns about European beet crops, combined with the impact of the El Niño weather pattern, have driven sugar market prices higher, with white sugar prices reaching a nine-and-a-half-month high on Wednesday. Previously, due to abundant supply, sugar prices fell to their lowest level in more than five years earlier this year, squeezing the profits of sugar companies.