China cuts sugarcane prices
China's government is likely to cut the price sugar mills must pay for cane in 2014-15 by at least 10%, analysts said, potentially prompting some growers to switch to other crops, Reuters reports. Chinese mills have to pay a fixed price for cane as part of Beijing's support for the estimated 40 million sugar farmers in the country. But with prices for processed sugar near multi-year lows due to a global supply glut, some mills have struggled to pay for last year's harvest and have been lobbying for a sharp cut in prices in the crop year that started this month.