Sugar Futures Mostly Unchanged

Sugar Futures mostly unchanged 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 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 on good monsoon forecast.

ICE Raw sugar futures settled up 0.04 cent, or 0.3 percent, at 13.67 cents per lb, holding just above Friday's 16-month low of 13.50 cents. Brazil's state-controlled oil company Petroleo Brasileiro further cut its average gasoline and diesel prices on Wednesday, reducing the competitiveness of ethanol for Brazilian producers and adding to the bearish mood in the sugar market. The sugar market is heading for a surplus of 3.5 million tonnes in 2017/18, Sucden said in a quarterly report.

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