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India could export up to one million tonnes more of sugar in the 2022/23 season if production is at the upper end of current estimates, an official from one of the country's largest sugar and ethanol manufacturers said on Wednesday. Avantika Saraogi of Kolkata-based Balrampur Chini Mills said on the sidelines of the Dubai Sugar Conference that current estimates for India's sugar production ranged from 33.5 million to 34.5 million tonnes. India has exported only 6.1 million tonnes of sugar so far in 2022/23, down from a record 11 million tonnes in the prior season.
Fitch Solutions said on Thursday it sees raw sugar prices averaging 2% higher this year as production will likely disappoint in various regions including Europe and India, while demand in China should recover. The research arm of credit ratings agency Fitch Group said it sees raw sugar rising from an average 18.6 cents per lb last year to 19 cents this year, historically elevated levels that bode ill for policymakers' attempts to cool food inflation. On the supply side, Fitch cited uncertainty over European production following a pesticide ban, adverse weather conditions and the continued diversion of sugarcane towards ethanol production in India, the world's second-largest sugar producer.
Yahoo Finance’s Jared Blikre is joined by MarketGauge.com Director of Trading Education, Michele "Mish" Schneider, and StockCharts.com Chief Market Strategist, David Keller, CMT, as Michele discusses her experience as a commodities floor trader in New York.