According to a Reuters report, sugar production in India is likely to decline by 7% to 33.5 million tonnes (MT), mainly due to lower sugarcane yield in Maharashtra and Karnataka. Sugar production in Maharashtra and Karnataka is likely to dip by 2 MT and 0.5 MT, respectively
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With the expectation of such a drop in production, exports are likely to be halted at 6 MT. We believe low production in India would keep sugar inventory level around 5.5-6.0 MT by September 2023. This is expected to result in firm domestic sugar prices in the range of Rs 36-38/ kg throughout the year
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