TAD NewsDesk, New Delhi: India has seen a rise in the sugar production by 42% year on year during the Oct-December period. There has been a higher cane output and an early start of mills in Maharashtra. There has been marking 110.22 lakh tonne.
Indian Sugar Mills Association said that sugar mills produced over 110 lakh tonnes of sugar which is 41.9 per cent more than the current period.
ISMA said around 481 mills currently crushing sugarcane in the country produced 110.22 as compared to 77.63. lt produced by 437 mills in the same period last year.
Indian sugar mills have a brighter chance of securing more exports this year. Sales have increased in Thailand and have touched a mark of around 80-90.
The sugar body emphasized that India would be able to expand its market in the countries of Indonesia and Malaysia. Traditional markets such as West Asia, Sri Lanka, Bangladesh and East Africa has been already said dominance.
However, the global sugar prices are expected to fall from April as the estimated sugar production is projected to be a record 380 lt and this could hit potential export prices for Indian millers in future.
Sugar production in different states have been as follows:
- In Karnataka, sugar production so far was 24.16 lt which is nearly 8 lt more than the corresponding period last year.
- Sugar production by 179 mills in Maharashtra was nearly 40 lt (16.5 lt).
- 120 Uttar Pradesh mills crushed enough sugarcane to produce 33.66 lt.
It is important to note that world trade happens in relation to futures prices in the London ICE exchange for white sugar and New York exchange for raw sugar, said ISMA. Currently, sugar contracts are happening in relation to the March futures, but in a couple of months, the same will happen with respect to May futures, which is substantially lower as compared to March futures.
Source: Krishi Jagran