Sugar prices to decline as UP, Maharashtra begin cane crushing

The market expects a rise in sugar output of 24% this year

Sugar prices are likely to decline by five per cent with the arrival of new-season output.

Crushing of new-season cane is scheduled to begin this week, with dozens of mills in Uttar Pradesh starting the procuring from farmers. The first of this sugar is scheduled to hit the market by the end of this month.

On the state government's recommendation, mills in Maharashtra are also set to commence crushing of cane on November 1, two weeks later than they'd originally planned. Sugar prices at the Navi Mumbai wholesale market (M-30 variety) have been at Rs 3,840-3,900 a quintal for nearly