New Delhi: Indian sugar futures are mixed on 10 April due to a delay in announcing details of a scheme to subsidise exports and record output forecasts.
Soyoil fell due to a downward technical correction after a period when markets were bullish.
India is expected to produce a record 25-26 million tonne of sugar in the season that ends in September, sharply above last year’s output of 19.3 million tonne, and annual domestic consumption of around 18 million tonne.
To help sugar firms boost overseas sales, the government has forwarded an export incentives plan to election officials, who must decide if it breaks election laws with polls underway in Uttar Pradesh state, a major sugar producing region.
“Estimates of a record production this year and no development on the export subsidies are the reasons for weak fundamentals,” an analyst with a Mumbai-based brokerage said.
“Soy is down after trading up in the last 5-10 days and the futures may go up in the near-term on lower estimates of oilseed production,” the analyst said.