Sugar forecast down with lower acreage next season

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Sugar forecast down with lower acreage
The forecast for the sugar output during next year has been downgraded as the area under plantation is estimated to go down. The lower support price for sugarcane is the main reason behind the lower acreage.

The output is expected to decline by 9% to 8.3 million tons from the estimated 9.15 million tons according to Maharashtra State Cooperative Sugar Factories Federation Ltd.

The lower acreage is going to prompt the country to extend the export curb on sugar, thus supporting the sugar future prices.

The government is going to take the final decision on sugar export in coming months.

Raw sugar for July delivery climbed as much as 1.7 per cent to 22.83 cents a pound on ICE Futures US in New York on Thursday, while refined-sugar futures for August delivery advanced as much as 0.7 per cent to $669 a ton on NYSE Liffe in London.

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