Indian sugar futures edged lower on Wednesday, hurt by sluggish demand and a forecast for surplus production for the fourth straight year on the back of ample monsoon rains in cane growing states.
* The key August contract on the National Commodity and Derivatives Exchange was down 0.17 percent at 3,020 rupees ($51.1) per 100 kg at 0953 GMT.
* “All cane growing states have received good rainfall. That will help planted cane,” said Ashok Jain, president of the Bombay Sugar Merchants Association.
“We will start 2013/14 year in October with carry-forward stocks of more than 8 million tonnes. So, excess supply is likely to persist for at least two years.”
* Maharashtra and Uttar Pradesh, the top two sugar producers in India, received more rainfall than normal since the beginning of the monsoon on June 1, weather department data showed.