Spot Market Update: Sugar Stays Lax On Calls Of Record Output

Spot sugar fell near Rs 2730 per quintal in Muzaffarnagar on continued indications of a heavy output. Indias sugar production soared to a record 29.98 million tonnes (mt) till April 15 in the current season on higher sugarcane output, resulting in arrears to farmers jumping to Rs 20,000 crore, according ISMA. The industry body noted that Sugar output of India, the worlds second largest producer, was 20.3 mt in 2016-17 against an annual domestic demand estimated at 25 mt. As many as 227 sugar mills were still crushing sugarcane. Sugar production in Maharashtra has almost reached its past record and mills produced 10.49 mt up to April 15, 2018. Mills in Uttar Pradesh produced a record 10.48 mt of sugar.