Sugar Futures Closed Lower

Sugar Futures closed lower as government reported that availability of sugar in the current sugar seasons is sufficient to meet estimated demand of 255 lt. The most-active October sugar contract closed 0.32% lower to settle at 3,691 per quintal.

 The prices have been range bound to lower after government clarifies there is no plan to control sugar sales by mills to control the sugar prices. According to the Agriculture Ministry, cane acreage as on Aug 05 stood at 46.9 lakh hectares (lh), higher than corresponding last year’s 46.1 lh. In Uttar Pradesh, acreage was at 21.8 lh, up 6.2% from a year ago while acreage in Maharashtra, the country's largest sugar producer, was down 7.2% on year at 762,000 ha, while in Karnataka, it was up 12.1% at 444,000 ha.

 In Tamil Nadu area under sugarcane was down 8.8% on year at 268,000 ha. As per recent prediction from the Indian Sugar Mills Association, sugar output in 2016-17 (Oct-Sep) may be about 23.3 mt, down about 7% from 25.1 mt the previous year. Preliminary production estimates by the Maharashtra State Federation of Cooperative Sugar Factories for state is 4.5 mt in 2016-17, against 8.4 mt in 2015-16 and 10.5 mt in 2014-15. The fall is attributed to drought in cane growing districts.

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