India's sugar output drops 5.4% y/y as mills close early

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The government allowed mills to export only 6.1 million tonnes of sugar in the 2022/23 season, but Prime Minister Narendra Modi's administration was expected to allow a second tranche of shipments. India's absence from the market could lift global sugar prices , which were trading near their highest level in more than a decade, and allow rivals Brazil and Thailand to increase shipments.

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