What will be the outlook on Sugar prices till December? || Commodity Ke Maharathi || EP-40
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The next sugar season is going to start from October 1. According to media reports, the government can announce a new sugar export policy by the end of this month or in the first week of September. After the announcement of the new policy, the sugar makers will enter into an export contract. Let us inform you that the ongoing sugar year is ending on 30th September. The government had earlier banned the export of more than 100 lakh tonnes of sugar with effect from June 1 to increase local availability of sugar and control high prices.
According to media reports, export of 12 lakh tonnes of additional sugar was allowed from August 1. The Narendra Modi government has issued an order to export 8.2 lakh tonnes of additional sugar from August 1, 2022. As per media reports, soon an order can be issued for the export of additional 2.2 lakh tonnes of sugar. As per media reports, about 101.6 lakh tonnes of sugar has already been exported. Order has already been placed for export of 8.2 lakh tonnes of additional sugar and balance quantity may be issued soon.
Earlier this month, the Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Narendra Modi increased the Fair and Remunerative Price (FRP) of sugarcane to Rs 305 per quintal for the sugar marketing year 2022-23. The production cost of sugarcane for the marketing year 2022-23 is Rs 162 per quintal. According to an estimate, the total sugar production this year is expected to be around 360 lakh tonnes, which is higher than the production of 322 lakh tonnes in the 2020-21 season. Till last week, sugarcane has been sown in 55.32 lakh hectares across the country, compared to 54.52 lakh hectares in the previous year. If we look at the sowing figures, the area is only slightly higher than last year.
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