Seanad debates
Thursday, 26 January 2012
Agriculture and Fisheries: Statements, Questions and Answers
1:00 pm
Simon Coveney (Cork South Central, Fine Gael)
That he is choosing to visit Ireland represents significant progress.
I am familiar with the sugar beet industry. My family farm used to produce sugar and I used to deliver much of it to what was then the Mallow factory. There may be a future for sugar production in Ireland. Due to a demand and supply problem, the price of sugar rocketed last year. A rough rule of thumb is that, as long as processed sugar stays above €500 per tonne in global pricing, producing it in Ireland is viable in terms of farmers getting the returns they need. When it falls below that level, making a commercial case becomes more difficult. The current price is more than €600 per tonne. Indeed, it was between €700 and €800 for most of last year. I hope that once we pass beyond the current system of sugar quotas, which is due to end in 2015, opportunities will open up for Ireland.
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