India wants to export 5 million tons of sugar

India's sugar refineries now want to export raw sugar for the first time in three years. New York NYBOT prices have risen to a 7-month high, and the Mumbai government is promoting exports with freight costs subsidies.
The sugar millers in India, the second largest sugar producer in the world, hesitated for a long time with the export commitments, as the world market prices were far below their production costs. But now there's a rally on the New York futures exchange on Sugar No. 11, and the rupee exchange rate has dropped to a record low. Both made exports from India now lucrative.
The millers have already completed 150,000 tons of raw sugar at a price of around 280 USD / ton fob for delivery in the months of November and December 2018. Traders say that even more exports from India could put an end to the rally. Market shares of competitors Brazil and Thailand would be limited.
India traditionally produces white sugar for local consumption, but this year there are large surpluses because sugarcane harvesting has been good for two years. Last Friday, the Indian government decided to promote agricultural exports.For this, freight costs and sugar cane farmers are financially supported.
Already in March, the Indian government had released 2 million tons of sugar for export and allocated a quota to all millers. It was exported in the marketing year 29017/18, which ended in late September, but only 450,000 tons of sugar.
The Sugar Association of India has issued an export target of 5 million tons for this marketing year.

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