"Even without the subsidy, India could export 6 million tonnes of sugar provided the market remains stable above 20 cents per lb," said B.B. Thombare, president of the West Indian Sugar Mills Association. Brazil's 2021/22 center-south sugar production is forecast to fall to 32.5 million tonnes from a June forecast of 34.1 million tonnes, according to food trader Czarnikow. Shares in Indian sugar producers fell by up to 5% after Reuters reported that India might withdraw sugar export subsidies. Cashing in on rising sugar prices, Indian traders have for the first time signed contracts a few months ahead of shipments to export about 725,000 tonnes of raw sugar and 75,000 tonnes of white sugar.- Reuters

Source: The Star August 18, 2021 17:37 UTC