Sugar Futures On NCDEX Closed Flat Yesterday

Sugar Futures on NCDEX closed flat yesterday on reports of sufficient supplies from mills and slowdown in exports from the country. Sugar Mar futures closed changed at Rs. 3,130/quintal. Sugar mills from the country may find it difficult to meet the mandatory export targets set by the Centre due to a fall in international prices. However, spot sugar remains higher on reports of lower sowing in Maharashtra.

The sugar mills have contracted to export 900,000 tonne of the sweetener so far in the 2015-16 marketing season. Out of the contracted quantity, mills have dispatched nearly 700,000 tonne. In Maharashtra, top sugar producing state, the area under sugarcane cultivation expected to decline 25% during the 2016-17 season in due to drought. However, sugar production in India rose by 4.54 % to 14.25 mt in the first four months of the current marketing year. ISMA has revised the sugar output estimate downward by 1 MT to 26 MT for this year, lower than 28.3 MT achieved in the 2014-15 marketing year

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