Sugar futures traded with a positive bias last week on forecast of below normal rains coupled with increased subsidies on export of raw sugar and demand from the bulk consumers due to high temperature in the north and settled 0.43% higher w-o-w. However, rising supplies and lack of fresh export demand capped sharp upside in the prices.
The government has decided to restore the subsidies on raw sugar export to Rs. Rs. 3300/tn from Rs. 2777/tn for the months of June and July. However, the same is yet to be notified.
According to the Ministry of Agriculture, sugarcane sowing as on 19th June, 2014 stands at 4.4 mn ha as against 4.5 mn ha last year.
The Maharashtra government in its state budget has exempted sugarcane purchase tax for 2013-14.
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