Sugar Futures close lower yesterday due to reports of record sugar production next year. Sugar output in Maharashtra is set to see a dramatic revival in coming season estimating a production of 73 lt for 2017-18, a rise of 74% from last. According to government data, Sugarcane acreage in the country the area under sugarcane across the country was at 47.4 lakh ha, higher than 44.8 lakh ha a year ago. According to industry sources, India's 2017/18 sugar production will likely jump 25% from the previous year to 25 mt as decent monsoon rains are forecast.

Outlook

Sugar futures may trade sideways as the supplies have been sufficient in the domestic market. Increase in FRP may encourage farmers to take sugarcane crop. Moreover, good sowing progress in the country will keep pressure on the sugar prices.

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