Thousands of acres of India’s sugar crop are suffering severe damage from a wavering monsoon, with some farmers in the world’s second-biggest grower forced to feed withered cane to cattle in Maharashtra, the top producing state. After a string of bumper harvests created an Indian sugar glut, drought could cut supply in the marketing year starting in October and there is a risk of production dropping below consumption for the first time in seven years in the following 2016/17 season. Even though India is still planning to boost exports in the upcoming season to cut stockpiles, a shortfall in output is likely to strengthen global sugar prices which are at seven-year lows.
In Pakistan, exports suffered a sharp decline in the first month of the current fiscal year, giving rise to a pessimistic outlook for the rest of the year. The exports amounted to $91m in July 2015, compared to $125m in July 2014, depicting a decline of 27.24 pc or $34m. Basmati rice suffered a major drop of 30pc, total export being worth $34 million while non-Basmati exports stood at $57 million, down by 25pc. Export figures in July are some 31pc less than those of June which amounted to $133 millionView Complete Newsletter