|Day's range||24.98 - 25.74|
The United Nations food agency's world price index rose in April for the first time in a year, but is still some 20% down on a record high hit in March 2022 following Russia's invasion of Ukraine. The Food and Agriculture Organization's (FAO) price index, which tracks the most globally traded food commodities, averaged 127.2 points last month against 126.5 for March, the agency said on Friday. The Rome-based agency said the April rise reflected higher prices for sugar, meat and rice, which offset declines in the cereals, dairy and vegetable oil price indices.
India is likely to produce 32.8 million tonnes of sugar in the 2022-2023 marketing year, down 3.5% from the previous forecast, as sugar cane yields in major producing states fell due to erratic weather conditions, a leading trade body said on Wednesday. Lower sugar output could limit exports from the world's second-biggest exporter, lifting global prices and allowing rivals Brazil and Thailand to boost their shipments. The trade body in January was expecting India to produce 34 million tonnes in the current season ending on Sept. 30, after harvesting a record 35.8 million tonnes in the previous season.
Sugar has been on a tear this year on lower-than-expected production in some key regions that raised worries about tight global supplies.
Sugar prices in India have climbed more than 6% in two weeks and are likely to rise further as production is set to fall and demand from bulk consumers to strengthen during the peak summer season, industry officials told Reuters. Higher local prices will improve the margins of sugar makers such as Balrampur Chini, Shree Renuka Sugars, Dalmia Bharat Sugar and Dwarikesh Sugar, helping them make cane payments on time to farmers, dealers said. But the price rise could add fuel to elevated food inflation and discourage New Delhi from allowing additional sugar exports, supporting global prices which are already trading near multi-year highs.
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.
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Indian mills have produced 25.4 million tonnes of sugar since the current season began on Oct. 1, up 5.39% year on year, the Indian Sugar Mills Association said on Monday. After the diversion of sugar for ethanol, mills produced 22.8 million tonnes of the sweetener between Oct. 1 and Feb. 15 compared with 22.2 million tonnes during the year-ago period, it said. The association last month cut its 2022/23 output estimates by 7% from the previous forecast, as sugar cane yields in major producing states fell due to weather conditions.
Tereos, the world's second-largest sugar producer, said on Friday it had appointed Jorge Boucas as its chief executive officer effective from April. Its former chief executive stepped down in September last year, the third CEO to leave the company in less than two years. The French cooperative group has seen repeated senior management changes and a deep review in its strategy since late 2020 when a long-running internal feud led to the ousting of its top management.
World food prices fell in January for a 10th consecutive month, and are now down some 18% from a record high hit last March following Russia's invasion of Ukraine, the United Nations food agency said on Friday. The Food and Agriculture Organization's (FAO) price index, which tracks the most globally traded food commodities, averaged 131.2 points last month against 132.2 for December. Falls in the prices of vegetable oils, dairy and sugar helped pull down the index, while cereals and meat remained largely stable, the FAO said.
MUMBAI (Reuters) -Sugar mills in India's top producing state Maharashtra are set to stop cane crushing 45 to 60 days earlier than last year as heavy rain has curtailed sugar cane availability, a senior state government official told Reuters on Friday. The western state of Maharashtra, which accounts for more than a third of the country's sugar output, could produce 12.8 million tonnes of sugar in the 2022/23 marketing year that began on Oct. 1, down from an earlier forecast of 13.8 million tonnes, Maharashtra's sugar commissioner Shekhar Gaikwad said. Lower sugar output could prevent the world's second-biggest exporter from allowing additional exports, potentially supporting global prices and allowing rivals Brazil and Thailand to increase their shipments.
India is likely to produce 34.3 million tonnes of sugar in 2022/23, down 4% from the previous forecast, after sugar cane yields in key producing states were hit by adverse weather, a senior industry official told Reuters on Tuesday. Lower sugar output could limit exports from the world's second-biggest exporter, lifting global prices and allowing rivals Brazil and Thailand to increase their shipments. India, the world's biggest sugar producer, had produced a record 35.9 million tonnes of sugar in the previous season, which ended on Sept. 30.
PARIS (Reuters) -French sugar group Tereos reported strong first-half results on Tuesday, including a net profit and a sharp rise in earnings, as high sugar and ethanol prices helped offset an increase in production costs. Tereos, the world's second largest sugar maker by volume, posted a net profit of 133 million euros in the year to Sept. 30, compared with a year-earlier loss of 50 million euros, helped by higher prices that compensated for a sharp rise in energy and raw materials costs. In Brazil, where Tereos is among the largest sugar and ethanol producers, the group should benefit from expected high prices and a higher sugarcane crushing volume, at 17.3 million tonnes, up from 15.6 million tonnes in 2021.
India's sugar output is likely to fall 7% this year as erratic weather conditions have cut cane yields, which could dampen exports from the world's biggest producer of the sweetener, farmers, millers and traders said. Lower sugar exports from India, also the world's second biggest exporter, could lift global prices and allow rivals Brazil and Thailand to increase their shipments. "The crop was just looking like last year but when we started harvesting we realised that yields were very low," said Pradip Jagtap, a farmer from the Solapur district of the western state of Maharashtra, India's No.1 sugar-producing state.
India is likely to allow a further 2-4 million tonnes of sugar exports in the 2022/23 season - a move which would leave total exports at 8-10 million tonnes and below last year's level, the Indian Sugar Mills Association (ISMA) said. India, the world's biggest sugar producer and the second biggest exporter behind Brazil, exported more than 11 million tonnes of sugar in the 2021-22 (October-September) season. The government earlier this month approved a first tranche of exports for 2022/23 at 6 million tonnes in a move that helped cap recent upward pressure on benchmark ICE sugar prices.
TUNIS (Reuters) -Some Tunisian shops are rationing goods including cooking oil, sugar and butter, while big queues have hit petrol stations amid a fuel shortage as the government navigates a looming crisis in public finances. Some grocery shops have restricted customers to single packs of items in short supply, while queues outside petrol stations have blocked traffic in parts of the capital. President Kais Saied and his government have not commented on the shortages except by announcing an intention to target commodities speculators and hoarders.
Brazil's trade surplus this year is likely to fall short of prior forecasts, according to private economists and an Economy Ministry official, as a spike in the cost of imported fuel and fertilizer offsets strong exports of other raw materials. The official, who requested anonymity to discuss the ministry's confidential analysis, said Brazil's trade surplus this year is on track to miss the $81.5 billion projected earlier this month. The shifting consensus shows how even top raw material producers such as Brazil, the top exporter of soybeans, beef and sugar, plus a major global supplier of iron ore and crude oil, face mixed fortunes from this year's spike in commodity prices.
India's sugar production in 2022/23 could fall 1.4% from the current season as mills are likely to divert more cane for ethanol production, a leading trade body said on Friday. The country could produce 35.5 million tonnes of sugar in the new season starting from Oct. 1, compared to 36 million tonnes in the current season, the Indian Sugar Mills Association (ISMA) said in a statement. In the next season, 4.5 milion tonnes of cane is likely to be diverted for ethanol production compared to 3.4 million tonnes in this year, the trade body said.
MUMBAI (Reuters) -India has extended by two weeks a deadline for the export of 800,000 tonnes of sugar as annual monsoon rains make it tough for many producers to move stocks from factories to ports, the government said on Friday. Mills in the world's biggest sugar producer are now allowed to export the sweetener until July 20, the government said in a notification, pushing back a previous date of July 5, which some mills missed after heavy rains impeded transport. "This is a very good step," said Aditya Jhunjhunwala, president of producer body the Indian Sugar Mills Association (ISMA).
India is considering allowing mills to ship out stocks of raw sugar that have piled up in ports and warehouses, trade and government sources said on Tuesday, weeks after it imposed curbs on overseas sale of the sweetener. Additional shipments from India, the world's biggest exporter of sugar after Brazil, could weigh on raw sugar futures, which are trading near their lowest in four months. Last month, India capped this season's exports at 10 million tonnes, a figure they had almost reached, in a bid to prevent a surge in domestic prices as the world's second most populous nation battles high food inflation.
Indian state fuel retailers have agreed to provide monetary relief to sugar mills and other producers of ethanol to compensate for high energy costs to boost biofuel production, according to a letter written by the companies to manufacturers. India, the world's third biggest oil importer and consumer, has expedited efforts to double ethanol blending with gasoline to 20% from the current 10% across the country from 2025/26. The Indian government fixes the ethanol purchase prices for fuel retailers - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp -- every marketing year.