Sugar futures traded on a positive note for the third consecutive session on Wednesday supported by threat by UP mills to suspend crushing in the next season starting October due till the government does not implement the cane price linkage and settled 0.79% higher. Prices have declined over the last few days on weak demand coupled with monsoon revival and comfortable supplies.
According to the Ministry of Agriculture, sugarcane sowing as on 31st July, 2014 stands at 4.64 mn ha as against 5.03 mn ha last year.
The Maharashtra government in its state budget has exempted sugarcane purchase tax for 2013-14.
The government has raised the FRP on cane for the 2014-15 season to Rs.220/qtl from Rs. 210/qtl.
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