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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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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