A drop in harvest for a second year will potentially cut overseas shipments and support global prices that fell 21 percent in 2018
India's sugar exports are likely to be far lower than a 5 million-tonne target set by New Delhi despite a government push for overseas sales, industry officials said
Cane millers can turn crops into either sweetener or biofuel. For a lot of 2018, high gasoline prices meant Brazilian processors favored making ethanol, helping to cap the sugar glut
Faced with supply glut pressurising sugar prices regularly, the Indian government has visited a number of countries to shell out some of the extra stocks
In Maharashtra, 167 sugar mills have started their crushing operations and are running in full swing and as on November 30
India's production, according to the US Department of Agriculture's Foreign Agricultural Service, may rise 5.2 per cent to a record 35.9 million metric tonne on increasing acreage and improving yields
Global inventory is forecast to rise as "massive stock building" in India counters lower supplies in China and the EU, the USDA unit said
Sugar price declines 4% in the world and 2.5% in India in two weeks; Maharashtra seek incentives on tradable quantity from Uttar Pradesh mills.
Balrampur Chini, Dalmia Bharat Sugar, Dhampur Sugar, Uttam Sugar, Dwarikesh Sugar and Thiru Arooran were up in the range of 5% to 13% on the BSE, as compared to 0.45% decline in Sensex at 01:24 PM.
Closing stock at the end of the year will still be very high despite improvement in exports
The sugar output is now seen at 32 million tonnes for the season that began on Oct. 1, down from its previous forecast of 35-35.5 million tonnes
The government has already announced several incentives in the past few months to allow sugar mills get rid of surplus stocks
Mills in Brazil have sharply turned to ethanol production to take advantage of better financial returns than those seen in sugar sales
NFCSF has lowered its production forecast for the 2018/19 crop year to 32.4 million tonnes, including 9.7 million tonnes for Maharashtra
Thiru Arooran Sugars, Dwarikesh Sugar Industries, Uttam Sugar Mills, Dalmia Bharat Sugar and Industries and Ponni Sugars (Erode) were up in the range of 14% to 20% on Monday.
Thiru Arooran Sugars, KCP Sugar & Industries and Bajaj Hindustan Sugar were up more than 10% as compared to 0.21% decline in the S&P BSE Sensex at 11:13 am.
The sector must undergo market reform
Lenders have been conservative in sanctioning limits for the crushing season 2018-19
The production in Maharashtra is pegged higher at 11-11.5 million tonnes against 10.71 million tonnes
In the current season, that is 2017-18, UP's sugar production was around 12 mt on the back of higher production and a rise in recovery ratio of 10.87%