Sugar extended the longest slump in more than 15 months as processors are beginning to turn cane into sweetener in India, the world’s second-biggest producer, at a time when inventories are swelling to a record.
Sugar mills in Uttar Pradesh, India’s biggest growing state, will extend a shutdown to prevent losses from widening as a dispute over pricing of cane continues, potentially reducing the country’s output, a millers’ group said.
Sugar mills in India’s biggest growing region will extend a shutdown to curb losses after the government retained cane prices at a record high, potentially curbing output in the world’s second-largest producer.
Sugar output in India, the world’s second-largest producer, may be less than forecast after some mills threatened to suspend crushing because of high cane prices, the Indian Sugar Mills Association said.
Mohanlal Kapoor, a street vendor in north India, holds a card entitling him to subsidized food for his wife and four children. To get supplies, the Kapoors must battle an estimated 15 million families in their state toting similar pieces of paper that they’re not entitled to.