Daily Sugar Market Update By Vizzie – 15/01/2022

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ChiniMandi, Mumbai: 15th January 2022

Indian Market Updates
GOI mandates standalone distilleries producing cane based ethanol to maintain a minimum distance norm of 15km from the neighboring existing sugar mills or the distance higher than 15 kms fixed by the concerned State Governments.

Crushing Update – Maharashtra State
According to the Sugar Commissionerate Office – Maharashtra, as on 13th January 2022, 192 mills (Cooperative mills- 95, Private mills- 97) have crushed 582 LMT of sugarcane and produced 57.483 LMT of sugar with a recovery rate of 9.88%

Domestic Trade Market
Most of the markets were closed on the occasion of Makar Sankranti. No major movement took place.

State wise prices today:
◾ Maharashtra:S/30 Sugar rates from millers are ₹3150 to ₹3225/Qntl. whereas M/30 ₹3245 to 3325/Qntl.
◾ Karnataka : S/30 Sugar rates were ₹3250 to ₹3300/Qntl. whereas M/30 rates were ₹3300 to ₹3350/Qntl.
◾ Uttar Pradesh: The market was closed.
◾Gujarat: S/30 Sugar rates are ₹3261 to ₹3381/Qntl. whereas M/30 rates are ₹3351 to 3451/Qntl. The market was closed in the second session of the day.
◾ Tamil Nadu: The market was closed.
(All the above rates are excluding GST)

International Market Updates
Europe’s largest sugar producer expects the world market environment to remain positive.
According to Reuters, Suedzucker – Europe’s largest sugar producer confirmed a jump of about 90% in third-quarter operating profit on Thursday as improved sugar markets boosted earnings. The company is optimistic that with a further deficit in the world sugar balance in the 2021/22 marketing year, the world market environment is expected to remain positive.

International Trade Market
On Friday sugar futures contracts moderately higher on international exchanges owing to strength in crude prices. London white sugar #5 (SWH22) closed up +5.30 at $502.60/ton whereas US sugar #11 (SBH22) closed up +0.22 at 18.31 c/lb.

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