Sugar to soar, rain takes the blame

NEW YORK, Nov 28 (Commodity Online): Global sugar futures are expected to soar as rains are crushing the cane crop output in Indian states, the second biggest producer of sugar. India government may decide to defer sugar exports at least until January over concerns to meet domestic demand, experts say. Last Friday, Indian govt. had estimated 24.5 million tons of sugar production in India against the annual domestic demand of 22.5-23 mt.
At ICE futures in NY, raw sugar registered a surge of 6.9 per cent this week, at 27.95 cents a pound as of the close on Wednesday, preceded by a 0.2 per cent gain last week.