Sugar Futures Fall About 0.8% Last Week



Sugar Futures fall about 0.8% last week due to good supplies and steady demand from the physical market. The government has increase fair and remunerative price (FRP) of sugarcane by Rs 25 per quintal to Rs 255 for 2017-18 season beginning October. Sugarcane acreage in the country was at 41.9 lakh ha as of last week, a shade lower than 42.3 lakh ha a year ago, according to the first acreage report released by the farm ministry for 2017-18. Moreover, government extends curbs on holding of sugar stocks by six months for the sugar dealers and traders.

ICE Raw sugar futures sank by 4% in heavy volume on Friday, reaching a 13-month low on pressure from ample supplies, sluggish demand and weak chart-based signals.. Data shows that there is stronger-than-expected cane crush in Center-South Brazil in the first half of May due to dry weather. There was cut in the average price of gasoline by Brazil's state-run oil company which increases the attractiveness of using cane for sugar rather than for producing ethanol.

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