Selling is likely to resume in sugar futures today in the wake of latest sugar production estimates of Uttar Pradesh. As per latest release from Uttar Pradesh Sugar Mills Association the total sugar output in Uttar Pradesh between October and December augmented by 9% to 1.71 million tonnes.
The Ministry of Agriculture has also estimated the total production estimate of sugar in the current year is at 24.5 million tonnes against 19 million tonnes in 2009 10. The NCDEX Benchmark January contract declined by almost Rs 22 per quintal to close at Rs 2816 per quintal in the previous trading. Technically future prices are likely to touch 2800 2802 levels in early trades.