Raw sugar futures fell as speculative selling emerged against a backdrop of a weaker Brazilian currency, while a weaker British pound boosted London cocoa prices. March raw sugar was down 0.10 cent, or 0.7 percent, at 14.08 cents per lb, reversing earlier gains as the Brazilian real resumed its downtrend.
Sugarcane SAP hiked by Rs.10 from Rs 320 to Rs 330.
Chief Minister Manohar Lal Khattar announced a hike of Rs 10 per quintal, from Rs 320 to Rs 330, in the state advisory price (SAP) of sugarcane. This benefit farmers to the tune of Rs 86 crore.
Online portal for marketing sugar.
Marketing of sugar by the mills this season may see an important change with the National Federation of Cooperative Sugar Factories (NFCSF) and the Indian Sugar Mills Association (ISMA) jointly introducing an online platform. This platform allows millers to float their tenders online and buyers from across the country able to access the same.
Sugar prices to decline as UP, Maharashtra begin cane crushing.
Sugar prices are likely to decline by five per cent with the arrival of new-season output. Crushing of new-season cane is scheduled to begin this week, with dozens of mills in Uttar Pradesh starting the procuring from farmers. The first of this sugar is scheduled to hit the market by the end of this month. The carryover stock of cane for the new sugar year (it began on October 1) is about four million tonnes. The market expects a rise in sugar output of 24 per cent this year.
Mustard seed up in Jaipur on demand from oil millers.
Prices of mustard seed were up in Jaipur, Rajasthan, owing to higher demand from domestic oil millers and crushers, as well as limited supplies. Higher temperatures in key growing areas have delayed sowing, creating bullishness in the market. Prices of mustard seed also received support after the government raised the minimum support price of the oilseed for the coming rabi marketing season.