Posts Tagged ‘cane yield’

Rising Sugar Prices Threatens to Make Coming Festival Season Bitter :(

Skyrocket prices of Sugar

Rising sugar prices are threatening to make the coming festival season bitter and are causing concerns for many consumers.

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Moreover, in order to meet increasing demand, India will be forced to import sugar in large quantities and this in all possibility will further increase sugar prices.

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However, local production has plunged to 14.5 million tonnes in the 2008-09 with demand at 23 million tonnes, the deadline for duty-free raw sugar imports has been extended by nine months to December 2010.

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Additionally, the government is going to start a fortnightly sale of non-levy sugar with the September quota set at 2.11 lakh tonnes 🙂

This year most deficits have been met by opening stocks and next year they’ll need much larger imports of about 6 million tonnes of raw sugar and 1 million tonnes of white sugar.

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Moreover, nearly 4 million tonnes of sugar have been already purchased by the Indian industry, while India’s sugar shopping spree abroad has sent prices of refined sugar in the global market skyrocketing.

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Additionally, it is said that the world market has recorded a 28-year high and has shot up 60% to $610 per tonne in August 2009 from a level of $380 per tonne in October 2008.

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India Will Import 30% of Its Sugar Following Drought :(

India Will Import 30% of Its Sugar Following Drought

India, the world’s biggest sugar consumer, may depend on imports to meet almost a third of its demand next year as a drought in the major growing regions threatens cane yield.

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Local sugar consumption may total 23 million metric tons in the year beginning Oct. 1  and 30 percent of the supplies will be met through imports.

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India’s production in the season starting Oct. 1 will lag behind the demand of 22 million tons.

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Indian authorities are raiding hoarders to boost the availability of sugar, edible oils and lentils during the August-to-December festival season and cool prices.

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India has set limits on the amount of sugar that traders and institutional users can stockpile as it faces a shortfall in supplies for a second year.

The production of sugar in India during year 2008 and 2009 sugar season has not been adequate to meet the domestic demand of the country.

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India’s dwindling stocks and rising demand have helped raw sugar futures surge to the highest in nearly three decades on prospects of large purchases by the world’s top sugar consumer.

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Weak monsoon rains have further raised supply concerns in India.

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Beside that, there is another Agri Update that Cotton and kharif crop has started arriving in mandis of Punjab and Haryana.

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Although in small quantity, but both the states are hoping to achieve combined cotton output of 45 lakh bales during this year in view of surge in area under crop.

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“As cotton growers have started bringing their crop to grain markets, almost 500 bales per day are arriving in Punjab and 350 bales in Haryana,” traders said.

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The price of fresh cotton is ruling at Rs. 2,550 to Rs. 2,700 per quintal, they said while adding that cotton arrivals are going to pick up in mandis in coming days.

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Cotton crop was the only crop during this Kharif season 2009-10 which has seen increase in its area in both Punjab and Haryana despite the fact that area under other crops such as paddy, sugarcane guar went down considerably due to deficient rains.

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India’s dwindling stocks and rising demand have helped raw sugar futures surge to the highest in nearly three decades on prospects of large purchases by the world’s top sugar consumer.

Weak monsoon rains have further raised supply concerns in India.