In a statement Wednesday, the Indian The government said it would limit sugar exports to 10 million tonnes for the marketing season that runs until September to keep prices in check. Sellers also have requested to obtain a “special permit” from the authorities for sugar exports between June 1 and October 31.
In the current marketing year, which runs from October 2021 to September 2022, Indian sugar mills have signed export contracts for around 9 million tons so far. In the past 12 months, the country has shipped 7 million tons of the sweetener overseas, the highest amount in recent years, according to government data.
White sugar futures traded 1% higher at $556.50 per ton on Wednesday in London. They’re up 13% since early January and are about 26% higher than this time last year.
“We continue to allow exports to vulnerable countries and neighbors,” he added.
Despite these assurances, India’s restrictions underscore the fragility of the global food situation. Global buyers were hoping Indian wheat shipments would help fill the gap left by the war in Europe, which has hit vital agricultural export supplies.
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