A new glut in sugar begins with the use of corn in ethanol production


- Diversion of sugarcane-sugar will be drawn towards ethanol

- Occasional

- Indications were received that domestic sugar production has decreased by about two and a half percent to 223 lakh 68 thousand tons.

In the country and overseas sugar markets and industry trends have been reversed. A new chapter of ethanol has now also been added to the sugar industry. And due to that the equations have also changed. With Lok Sabha elections soon to be held in India, the government has been keeping a close eye on the market prices of various essential commodities including sugar. In the current new year of 2024 compared to 2023, the global average sugar prices are likely to be lower overall, the informants were recently showing. It was showing the possibility that the effect of this will be seen on the import and export market of sugar in various countries. There were signs of growth in sugar production in Brazil against the decline in sugar production in India and Thailand. In India, the new sugar season of 2023-24 has started from October and it has recently been estimated that domestic sugar production in the new season will drop slightly to around 330 lakh 50 thousand tonnes. This estimate is shown without diversion to ethanol. In the previous season, the production figure in the country was 331 lakh tonnes and in Brazil it was around 465 to 470 lakh tonnes. Sugarcane production in the new season in Brazil is estimated to increase by 10 to 11 percent to 678 million tons. Global market players were also pointing to the possibility of global sugarcane diversion towards sugar production instead of ethanol as global crude oil prices fell from high to low. However, there has been a deficit of rain in Brazil for the last 2-3 months. The weather in Thailand has been unfavorable and there is a fear of a setback in sugar production there.

The new sugar season in India has started in the month of October 2023 and there were indications that the domestic sugar production has decreased by about two and a half percent to 223 lakh 68 thousand tons in the period of four and a half months from October to 15 February 2024. In the previous season, the figure of such production in this period was 229 lakh 37 thousand tons. Thus, in the new season this year, there has been a decline in sugar production in the initial months. However, in the period up to January 15, the decline in such production was around five percent, now it has decreased by two and a half percent in the period up to February 15, given that there has been an increase in sugar production in the country from January 15 to February 15, the market informants were saying. As the government clamps down on the diversion of sugar to ethanol, plans are in place for growth in sugar production. The government had recently increased the procurement price of sugarcane from Rs.315 to Rs.340. In the period till February 15 this year, the process of crushing has started in about 505 sugar mills in the country, which figure was 502 in this period in the previous season. In Maharashtra, sugar production has decreased from 85 lakh 93 thousand tons to 79 lakh 45 thousand tons, while in Karnataka such production has decreased from 46 lakh five thousand to 43 lakh 20 thousand tons. However, till February 15, sugar production from Uttar Pradesh increased from 61 lakh 20 thousand tons to 67 lakh 77 thousand tons. Gujarat, Tamil Nadu, Bihar, Haryana, Punjab Vs. In the states also, in the period up to February 15, there has been a setback in the production of sugar compared to the previous season. Government sources said that the government has given permission to make a maximum of 17 lakh tonnes of ethanol from sugar (sucrose) and no more ethanol can be made from it.

Meanwhile, to maintain the supply of ethanol in the country, the government has also received approval from Nafed and the National Cooperative Consumers Federation of India to allow ethanol producers to sell corn at Rs.2291 per kg. The government buys such corn at the price of Rs.2090. Meanwhile, the government sets a monthly quota of how much sugar the mills should sell every month and it was reported recently that the government has sent notices to around 19 to 20 sugar mills selling more than this quota.

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