Reuters was first to report that sugar mills in India’s top producing state Maharashtra are set to stop cane crushing 45 to 60 days earlier than last year as heavy rain has curtailed sugar cane availability. After Reuters revealed the news, New York raw sugar futures jumped 1.7% to a one-month high on Friday last week while shares in Indian sugar companies fell by as much as 7% today. A top government official told Reuters that the government has decided to cut output estimates. Lower output from India, the world’s second-biggest exporter of sugar, will make it difficult for New Delhi to allow additional exports, giving Brazil and Thailand an edge in the global market.
The post Reuters exclusively reports Indian sugar mills to close early as rain hits cane supply; sugar futures jump; shares fall appeared first on Reuters News Agency.