Sugar price rallying continues ahead of May WASDE report
Sugar price rallying continues ahead of May WASDE report
May WASDE report will shape the price movements in the coming week.
USD/BRL three-week downtrend has offered support to sugar price.
Sugar price remains on an uptrend amid a weakening US dollar and rising demand. On Thursday, it rose to $17.90, which is close to the one-month high of $17.98 hit on 27
th April. It ended Friday’s session at $17.49, down by 0.34%. May’s WASDE report will avail cues on the commodity’s supply status.
sugar price
Upcoming WASDE report
Sugar price remains on an uptrend ahead of May’s WASDE report on Wednesday. In April’s report, USDA left its estimates for sugar usage and supply in the US largely unchanged. The ending stocks-to-use ratio remained at 15.1%.
Sugar stocks on a sweet ride, but low volume turns analysts cautious
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Sugar stocks have been seeing a rally of their lifetime, as rising international prices and increased demand for ethanol from oil market companies (OMCs) have raised their outlook.
Sugar stocks have surged up to 90%.
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NEW DELHI: Even as rising Covid-19 cases have tamed the speed of the equity bulls, there are some pockets in the market that have remained virtually unaffected. Stocks of often-overlooked sugar makers are one such pack.
Sugar stocks have been seeing a rally of their lifetime, as rising international prices and increased demand for ethanol from oil market companies (OMCs) have raised their outlook. In the last one month, these stocks have surged up to 90 per cent.
Sugar mills get orders to supply 302 cr litres of ethanol
TV JayanNew Delhi |
Updated on
May 03, 2021
India’s ethanol marketing season spans December to November - Bloomberg×
‘Will help reduce production of surplus sugar, ensure better returns’ Sugar mills across the country have contracted orders to supply 302.3 crore litres of ethanol to oil marketing companies (OMCs). This is 70 per cent more than the 178 crore litres supplied in the previous season.
This will help mills to reduce sugar production by 20 lakh tonnes (lt) due to the diversion of sugarcane juice and B-heavy molasses for ethanol production in this current sugar season.
There is an urgent need to issue a policy resolution to ensure the social security and safety of sugar cane migrant labourers in the light of Covid-19 crisis. A failure to do so would lead to an absurd situation for the state, sugar industry, farmers and, more so, for the migrant labour.
Maharashtra is the second largest producer of sugar (from sugar cane) in India after Uttar Pradesh (UP) (Sugar Diary 2020a). Around 2.5 crore farmers (all classes) grow sugar cane in Maharashtra and it is the major source of livelihood for them. The revenue receipt from sugar for the Government of Maharashtra comes to more than `2,000 crore annually. In 2020, as per the Indian Sugar Mills Association (ISMA) the net area under sugar in Maharashtra has gone up by 43%, that is, it would be approximately 11.12 lakh hectares (Jadhav 2020). The sugar factory employs around eight to 10 lakh migrant labourers for mowing sugar cane and transporting to factories as this is not undertaken by