Sugar Futures Close Unchanged On Thursday

Sugar Futures close unchanged on Thursday due to good supplies and reports of record sugar production in UP during 2016/17 to 87.5 lakh tonnes. According to government data, Sugarcane acreage in the country was at 46.9 lakh ha last week, higher than 44.5 lakh ha a year ago. According to industry sources, India's 2017/18 sugar production will likely jump a quarter from the previous year to 25 mt as decent monsoon rains are forecast.

ICE Raw sugar futures rose to a one-week high on Thursday on expectations of the return of unfavorable weather this weekend in Brazil. As per CFTC, speculators hold a bearish stance in the commodity. Brazilian producers Copersucar and São Martinho both cut their expectations on Monday for sugar output for the centre-south cane region, with the latter noting rains could reduce the cane crush.

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