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Sugar futures fall back below 14 cents, as Brazil’s output revives
Raw sugar futures for March dropped below 14 cents a pound for the first time in more than a month after output in Brazil's key Centre South region was shown to have rebounded faster than investors had expected. Raw sugar for March, the best-traded contract, tumbled 3.5% in late deals in New York to 13.85 cents a pound, the lot's weakest level in five weeks.
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Sugar output likely to increase sharply on decent monsoon
Farmers have experienced a good rainfall in the major Sugarcane cultivating areas in India during the current marketing year (October-September), which is likely to boost sugar production during the marketing year 2017-18. Government expects sugar production to reach 25 million tonnes in next marketing year, an increase of 24 percent from 2016-17.
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Sugar Prices Fall After Brazilian Production Surpasses Expectations
Sugar futures tumbled Tuesday, as the latest report by the Brazilian cane industry group attracted more bears into the sugar pit. Raw sugar for October delivery dropped 3.8% to 13.22 cents a pound on the ICE Futures U.S. exchange. Sugar fell as Brazil's cane industry group Unica said Tuesday that mills in Brazil's center-south region crushed more cane and produced more sugar than expected in the first half of September.
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UP sugar mills demand status quo on cane prices
Sugar mills in Uttar Pradesh have urged the State government not to increase sugarcane prices to be given to the farmers as it would hit them.This is even as the State is likely to register a record sugar output of around 10 million tonnes in the forthcoming season starting next month.Last year, the outgoing Samajwadi Party had hiked the State advised price (SAP) by ₹25 and fixed it at ₹305/quintal.
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Lifting pressure drag sugar prices
Lifting pressure and need base demand kept sugar prices to lower by ₹10-20 all level on Tuesday. At Vashi rates dropped by ₹10. Naka rates ease by ₹10-20 as stockiest off loaded commodity lower rates due to lifting pressure. Producers sold at ₹10-20 lower on routine demand as bulk purchases for festivals already over. Under current of the market were weak said sources.
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Millgate sugar edges up on millers’ enquiries
Millgate sugar prices firmed up by up to Rs 60 per quintal at the wholesale sugar market in the national capital today on higher enquiries from millers. Traders attributed the rise in sweetener prices to higher enquiries from mills triggered by ongoing festive season amid restricted supplies from producing belts.
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South Indian mills surrender import quota
A significant portion of the raw sugar import quota allowed to South Indian sugar mills are being surrendered as imports are unviable and the deadline not practical, according to reliable sources. On the last day today for surrendering the quotas allocated to them with a 0.5 per cent penalty, a number of mills have opted out of imports. At least one-third of the 3-lakh tonnes of raw sugar permitted to be imported through a September 7 order by the Exim Facilitation Committee are being surrendered.
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Govt sees 24% jump in sugar output to 25 mn tonnes in 2017-18
The government is expecting about 24 per cent increase in the country's total sugar output to around 25 million tonnes in the marketing year beginning next month on likely higher output in Uttar Pradesh and Maharashtra following good rains, an official source said. This is an initial projection based on the inputs of the state governments. The estimate, however, is in line with the industry body ISMA's projection.
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Delay in monsoon’s retreat postpones sugarcane crushing
Owing to a sugar shortage in the country, the government had planned to start the crushing of sugarcane ahead of the normal schedule -- before Diwali (October 19) -- but the delay in the monsoon's retreat has put paid to this plan.
According to the sugar industry, heavy rains are again expected in October in Karnataka and Maharashtra states where the cane crushing starts first -- due to the lingering monsoon. It means laborers cannot access the cane fields as they will be muddy during this period.
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Bitter Diwali as sugar prices likely to remain high
Sugar prices are likely to range between Rs 45 and Rs 50 per kg in the retail markets during the festive season as major sugarcane cultivating states, Maharashtra and Uttar Pradesh, will start the crushing season only from November 1.
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Sugar prices remain unchanged on scattered buying
There was no change in the pattern of trading at the wholesale market in the national capital today with prices after moving in a tight range on scattered buying, ended flat. Marketmen said muted buying by stockists helped sweetener prices to end flat.
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Private sugar mills urge govt not to increase state advisory price
Apprehending hike in cane prices this season, private sugar mills have petitioned the state government urging it not to increase State Advisory Price (SAP) as ‘it would be detrimental for the industry and cane sector’. In a letter despatched to Principal Secretary, Sugar and Cane Development, Uttar Pradesh Sugar Mills Association (UPSMA) secretary general Deepak Guptara said that the present SAP should not be increased in the overall interest of the farmers and the industry.
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