'Cane is king', say sugar traders as India is set to roil the market again

India may roil the global sugar market again as prospects for next year’s cane crop have brightened due to brimming reservoirs.

Bountiful monsoon rains this year have led to above average water levels in reservoirs, which will in turn boost the amount of sugar cane that’s planted, according to industry and Indian government officials. Sugar output in the country is expected to bounce back in 2020-21 from an estimated three-year low this year, they said.

“The only thing that can stop cane plantings in India is the hand of God,” said Rahil Shaikh, managing director of trading company Meir Commodities India Pvt.