The UK-based Cotton Outlook has scaled up its estimate for global production in 2021- 22 (Aug-Jul) by 97,000 tn to 26.0 mln tn, the agency said in its November report. Crude oil prices plunged 6% to multi-week lows in the domestic as well as the international market today as concerns about the new strain of COVID-19 in South Africa weighed on the demand outlook. The prospect of global supply outstripping demand for crude in the first quarter of 2022 also weighed on prices. Sugarcane production in Brazil is seen declining 13.2% on year to 568.4 mln tn in 2021- 22 (Apr-Mar), according to the third survey of sugarcane harvest released by the National Supply Co. Brazil is the world's top producer and exporter of the sweetener. Sugar production by mills in Brazil's centre-south region fell 15.4% on year to 31.8 mln tn in 2021-22 (Apr-Mar), the country's sugarcane industry association, known by its Portuguese acronym UNICA, said in a report. The output was 37.66 mln tn a year ago. The government has allocated an additional quantity of 303 tn of raw sugar for export to the US under the tariff rate quota till Dec 31, the directorate general of foreign trade said in a notification. The National Commodity and Derivatives Exchange will impose an additional margin of 5% on both the long and short sides of soybean contracts, the exchange said in a circular.
Source:moneycontrol.com