Sugar Futures Close Lower Yesterday



Sugar Futures close lower yesterday due to reports of record sugar production next year. Sugar output in Maharashtra is set to see a dramatic revival in coming season estimating a production of 73 lt for 2017-18, a rise of 74% from last. According to government data, Sugarcane acreage in the country the area under sugarcane across the country was at 47.4 lakh ha, higher than 44.8 lakh ha a year ago. According to industry sources, India's 2017/18 sugar production will likely jump 25% from the previous year to 25 mt as decent monsoon rains are forecast.

ICE Raw sugar futures fell on Tuesday, after data showed stronger-than-expected output in top grower Brazil. Brazil's center-south, the world's largest sugar producing region, made 1.75 million tonnes of sugar in the second half of May above market estimates.

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