UK: Tate & Lyle-update
With the majority of the contracts for the supply of high fructose corn syrup (HFCS) for calendar 2001 completed by Staley, Tate & Lyle issues the following update. In the past few weeks, Staley has completed over 90 % of its HFCS contracts in the US, resulting in double digit percentage increases to average selling prices, consistent with industry trends. The benefits of the price increases will be partially offset by slightly higher net corn costs and increased energy prices, but we anticipate an improvement in Staley's earnings in the new financial year.
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