India to export 500,000 tonnes more sugar, NY prices fall

24.06.2011 14:38 "Agro Perspectiva" (Kyiv) — India’s government decided to allow another 500,000 tonnes of unrestricted sugar exports, doubling its overseas sales this year and sending international prices four percent lower. Rural Development Minister Vilasrao Deshmukh announced the decision on Thursday for exports under the Open General Licence (OGL) scheme after a meeting of a panel of ministers which is empowered to take a final decision on the issue. New York July raw sugar futures extended losses after the announcement. At 1320 GMT they were down four percent, after hitting an 11-week peak of 27.58 cents earlier in the week. Sugar mills in India had sought government permission to export an extra 1.5 million tonnes in order to take advantage of global prices which are near 2–1/2 month highs. India, the world’s top sugar consumer and biggest producer after Brazil, has ample stocks and looks set to produce over 24 million tonnes this year, against about 22 million tonnes of consumption.

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