Sugar Futures Unchanged On Wednesday

Sugar Futures unchanged on Wednesday 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 closed flat on improving weather outlook in top producer Brazil and India. Dry weather in Center-South Brazil was forecast for the next 10 days, providing favorable conditions for early harvest. While the top importer China slashed its out-ofquota sugar import permits this year to almost half of last year's allowance.

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