ChiniMandi, Mumbai: 02nd Jan 2025
Domestic Market
Domestic prices are continuing to trade higher
Sugar prices in major markets were reported to be higher by Rs 10 per quintal across the major markets. Ex mill prices in Uttar Pradesh, Maharashtra, and Karnataka witnessed a gain of Rs 10 per quintal. Prices have recovered by Rs 100-120 per quintla from the recent low as milers are offering new crop (24/25 season) sugar.
S-grade sugar in Kolhapur traded in the range of Rs 3,390–3,430 per quintal, whereas M-grade sugar in Muzaffarnagar costs Rs 3,800–3,860. Agrimandi.live predicts that the price of Kolhapur S-grade sugar will fall between Rs 3,300 and Rs 3,440 per quintal in the near future.
According to data released by the National Federation of Cooperative Sugar Factories Limited (NFCSF), as of December 31, 2024, crushing for the 2024-25 season was underway in 493 sugar mills across the country. A total of 109.6 MMT of sugarcane was crushed, producing 9.51 MMT of sugar. In comparison, during the same period the previous season, 518 sugar mills crushed 122.99 MMT of sugarcane, producing 11.28 MMT of sugar.
The country’s sugar recovery rate has decreased from the previous season. As of December 31, 2024, the average sugar recovery rate was 8.68%, compared to 9.17% the previous season.
Ex-mill Sugar Prices as on Jan, 02 2025 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3430 to 3500 |
₹3500 to 3600 |
|
South Karnataka |
₹3610 to 3650 |
₹3650 to 3700 |
|
Uttar Pradesh |
|
₹3800 to 3860 |
|
Gujarat |
₹3541 to 3581 |
₹3561 to 3641 |
|
Tamil Nadu |
₹3725 to 3900 |
₹3785 to 3975 |
|
Madhya Pradesh |
₹3600 to 3650 |
₹3670 to 3750 |
|
Punjab |
₹3890 to 3951 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Jan, 02 2025 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,053.00 |
|
Kanpur |
M/30 |
₹4,021.50 |
|
Kolhapur |
M/30 |
₹3,696.00 |
|
Kolkata |
M/30 |
₹4,074.00 |
|
Muzaffarnagar |
M/30 |
₹4,016.25 |
|
Ahmedabad |
M/30 |
₹3,853.50 |
|
Bangaluru |
M/30 |
₹3,906.00 |
|
Chennai |
M/30 |
₹4,032.00 |
At the time of writing this update London White Sugar #5 front month contract is trading at $509.30 ton, whereas the New York Sugar #11 front month contract is trading at 19.26 c/lb. The corn futures market trades at 458-4 and the ethanol Chicago trades at 1.67750s
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 85.700 whereas USD was trading with BRL at 6.1917, Crude WTI traded at $72.77 barrel. Sensex closed 1,436.30points up at 79,943.71 whereas Nifty closed 445.75 points higher at 24,188.65
News Round-Up
ISMA projects domestic sugar consumption for 2024-25 season at around 280 lakh tonnes
ISMA projects domestic sugar consumption for 2024-25 season at around 280 lakh tonnes
Chhattisgarh sugarcane farmers to receive training on modern farming practices in Maharashtra
Chhattisgarh sugarcane farmers to receive training on modern farming practices in Maharashtra
Rising ethanol demand drives up maize prices, impacting poultry feed costs: Poultry India President Uday Singh Bias
