Sugar Futures Jumps Higher

Sugar Futures jumps higher on anticipation of good physical demand from Industry as supplies have been constant. In another development, Maharashtra government seeks differential pricing for sugar where industrial buyers have to pay more while retail consumer pays less. There are reports of rebound of sugarcane production in the next year due to higher acreage. As per USDA, India’s sugar production in marketing year (MY) 2017/18 (OctSept) is expected to increase by 18% to 25.8 mt. Moreover, government extends curbs on holding of sugar stocks by six months for the sugar dealers and traders.

ICE Raw sugar futures closed higher on reports of lower crushing data from Brazil and produced 1.12 mt of sugar during the second fortnight of April, down 38.1% from 1.81 mt produced a year ago. According to UNICA, mills in the main center-south cane belt in Brazil crushed 24.091 mt of cane in the second half of April, down 33.5% from the same period last year.

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