Sugar Sugar Futures Jumped Higher On Wednesday

Sugar Sugar Futures jumped higher on Wednesday tracking firm spot market after implementation of GST. However, good domestic supplies and steady physical demand is pressurizing prices. India’s sugar production is set to rebound from a seven-year low as above-normal monsoon rain in the world’s largest consumer helps the cane crop that will be crushed from Oct. 1. According to government data, Sugarcane acreage in the country was at 47.5 lakh ha, higher than 44.8 lakh ha a year ago.

ICE Raw sugar futures dropped on Wednesday due to weaker dollar. Market participants are now focusing on expected surplus in the 207/1season. CFTC data shows, speculators raised their net short positions in raw sugar contracts to the highest since April 2015.

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