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Sugar prices end flat on sporadic demand
The wholesale Sugar prices kept unchanged at overnight levels in the national capital today largely on scattered buying activity amid adequate stocks. Marketmen said some buying support from stockists as well as bulk consumers at current levels, helped sweetener prices to end at previous levels.
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Ample supplies keep sugar flat
Sugar prices ruled unchanged on normal demand and supply. In the absence of upcountry buying, supply remained ample in local markets. Demand for Navratri festival also seems to be over keeping prices range-bound. At Vashi, S-grade declined by ₹10 a quintal. Naka and mill tender rates were steady. Sources said with need-based activities the trend remained steady. Selling pressure on producers to ease stocks as directed by the Central government kept stockists away from bulk buys.
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Brazil sugar output to hit three-year low, as ethanol hits back
Sugar production in Brazil's key Centre South region will drop to a three-year low next season as a dearth of replanting takes its toll on cane yields, and with ethanol raising its take of the harvest. Kingsman pegged sugar output in the Centre South, which is responsible for more than 90% of output in the top producing country, at 33.99m tonnes for 2018-19, on an April-to-March basis.
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Sugar prices dilute on soaring stocks
Sugar prices notched down by Rs 50 per quintal at the wholesale market in the national capital today, pulled down by ample stocks on availability due to relentless supplies from mills amid negligible buying support from stockists and bulk consumers. Marketmen said huge stocks positions following increased arrivals from mills along with negligible offtake by stockists and bulk consumers such as soft-drink makers, led to the fall in prices.
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Shetti opposes area development tax on sugarcane farmers
Farmers' leader and MP Raju Shetti today opposed the Maharashtra government's decision to impose Rs 50 area development tax or three per cent of the total purchase price per tonne of sugarcane from farmers. The decision to collect the tax was taken at a meeting chaired by Maharashtra Chief Minister Devendra Fadnavis here yesterday.
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World Sugar prices may hit 10-year low on production surplus
World Sugar prices likely to hit 10-year low thanks to improved production prospects in the likes of the European Union and India, which have enhanced the prospects for a world output surplus, Abares, the official Australian commodities bureau said in its latest report. Abares lowered by 2.0 cents a pound, to 13.0 cents a pound, its forecast for the average price of spot New York raw Sugar futures in 2017-18, on an October-to-September basis.
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No shortage of sugar, won’t allow prices to go up: Ram Vilas Paswan
The country has no shortage of sugar and the government will ensure retail prices of the sweetener remain stable during the ongoing festive season, Union Food Minister Ram Vilas Paswan said on Wednesday. At present, retail prices of sugar are ruling firm at Rs 43 per kg, slightly higher than Rs 40 a kg in the year-ago period, as per the data maintained by the consumer affairs ministry.
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Maharashtra estimates sugar production of 7.34 million tonnes this year
Mumbai: India’s top sugar producing state Maharashtra will begin this year’s sugarcane crushing season from 1 November. A cabinet committee on sugar headed by chief minister Devendra Fadnavis announced the date in Mumbai on Wednesday after a meeting with sugar industry representatives.
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Farm loan waiver: Decision to charge sugar mills draws ire
The Maharashtra government's decision to charge Rs 4 per tonne from sugar mills for the Chief Ministers' Relief Fund has not gone down well with the industry as well as farmers leaders, who have raised their objections over such a move.
As the objective of CM Relief Fund has been modified to use a portion of it for agri loan waiver scheme, farmers leaders' alleged that Fadnavis is going to use farmers' money for their loan waiver.
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Maharashtra cane crop reels under white grub pest attack
Sugarcane crop in South and Central Maharashtra, the key growing regions, has suffered extensive damage due to pest attacks, and yields could dip by 10-15 per cent in the twin regions, causing extensive loss to farmers. The Vasantdada Sugar Institute (VSI), which is a premier R&D institution for sugarcane in the country, is tracking the damage. A senior officer at VSI said that crop damage is extensive because of the white grub pest, which attacks the roots of sugarcane.
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TN sugar sector hits sweet spot after 3 years of bitter harvest
The recent wet spell, it appears, has come as a ray of hope for sugar mills in Tamil Nadu. “Though not immediately, we hope things will look up in the next two years,” said Palani G Periasamy, President, South India Sugar Mills Association (SISMA - TN).
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Maharashtra sugar mills likely to start crushing on November 1
Even as the Centre has issued directives to millers across the country to commence crushing of sugarcane for 2017-18 early in October to tide over any shortage during the festive season, sugar mills in Maharashtra are likely to commence crushing on November 1. Although a final decision is expected at the cabinet meeting on Wednesday, a decision to commence the season in November was informally taken by mills at a recent meeting chaired by NCP leader Sharad Pawar.
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