Sugar prices down 23% over bumper harvest forecast.

Bumper production of sugar cane across the country this season led to sugar prices dropping by Rs 900/quintal or around 23% in Gujarat compared to last year. As per government estimate, sugarcane production in Gujarat would be 10 lakh tonne this year against 7 lakh tonne last year. The sugar is being sold in the wholesale market in Gujarat at Rs 3,000 per quintal against Rs 3,900 per quintal during the same period last year. This is mainly due to 43% higher sugarcane production across India.