Sugar Market UpDate News
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Sugar Futures lower on Wednesday on profit booking at higher levels but the fall is capped due to expectation of lower production. As per ISMA press release, the country has produced 80.90 lt of sugar, only 0.4% higher as compared to last season’s production. Overall sugar production of India, the world's second largest producer and biggest consumer, is pegged at 22.5 mt in 2016-17 sugar year (Oct- Sep), lower than 25.1 mt in the last sugar year.
As per sugar body, more than two dozen mills in India's top sugar producing western state of Maharashtra have stopped crushing due to cane shortage while many more mills are likely to shut before February end. The early shut to sugar crushing may result in lower production in domestic market.
Raw sugar futures on ICE Futures climbing higher on stronger Brazilian Real, which discourages sales coupled with growing expectations that India's crop may be smaller than expected and may import later in the season. In demand side news, Indonesia said it would import 1.5 mt of raw sugar over next six months. -
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