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Sugar Futures on NCDEX closed lower yesterday on reports of slowdown in exports from the country. Sugar Mar futures closed lower by 0.32% at Rs. 3,140/quintal. Sugar mills from the country may find it difficult to meet the mandatory export targets set by the Centre due to a fall in international prices.
The sugar mills have contracted to export 900,000 tonne of the sweetener so far in the 2015-16 marketing season. Out of the contracted quantity, mills have dispatched nearly 700,000 tonne. In Maharashtra, top sugar producing state, the area under sugarcane cultivation expected to decline 25% during the 2016-17 season in due to drought.
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