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[1/2] Sugar mill workers load harvested sugar cane in a tractor trolly in Sangli district, in the western state of Maharashtra, India, December 3, 2022. India allowed mills to export only 6.1 million tonnes of sugar during the current season to Sept. 30, after letting them sell a record 11.1 million tonnes last season. In 2016, India imposed a 20% tax on sugar exports to curb overseas sales. Patchy rains would cut sugar output in the 2023/24 season and even reduce planting for the 2024/25 season, an industry official, who declined to be named, said. The recent increase in sugar prices eliminates any possibility of exports," said another government source.

Persons: Rajendra Jadhav, Mayank Bhardwaj, Barbara Lewis Organizations: REUTERS, Rights, Thomson Locations: Sangli district, Maharashtra, India, Rights MUMBAI, DELHI, New York, London, Karnataka, New Delhi, Mumbai, Thailand, Brazil

Four dealers confirmed that export contracts of around 2 million metric tons of rice, worth $1 billion, are at the risk of being cancelled. Before the export ban, India used to sell around 500,000 tons of non-basmati white rice every month, Gupta said. Now, prices are likely to drop, and the traders are likely to suffer losses, said a New-Delhi-based dealer with a global trade house. Traders say while global prices will go up because of India's export ban, local rates are likely to drop. Top buyers of Indian non-basmati rice include Benin, Senegal, Ivory Coast, Togo, Guinea, Bangladesh and Nepal.

Persons: Nitin Gupta, Gupta, B.V, Krishna Rao, Rao, Rice, Rajendra Jadhav, Mayank Bhardwaj, Sharon Singleton Organizations: Traders, Olam Agri India Ltd, Reuters, Rice, Association, El, Thomson Locations: MUMBAI, India, Mumbai, Delhi, Benin, Senegal, Ivory Coast, Togo, Guinea, Bangladesh, Nepal, Asia

The government said it was imposing the ban after retail rice prices climbed 3% in a month as late monsoon rains damaged crops. While a late monsoon caused a major shortfall of rain up to mid-June, heavy rains since have caused significant damage. India accounts for more than 40% of world rice exports but low inventories mean any cut in shipments will fuel food prices driven up by Russia's invasion of Ukraine last year and erratic weather. His administration has extended a ban on wheat exports after curbing rice shipments in September 2022. "India would disrupt the global rice market with far greater velocity than Ukraine did in the wheat market with Russia's invasion," B.V. Krishna Rao, president of the Rice Exporters Association told Reuters.

Persons: Rice, Narendra Modi, Krishna Rao, Rao, El, Michael Hogan, Jan Harvey, David Evans, Conor Humphries Organizations: Rice, Association, Reuters, El, Farmers, El Nino, Thomson Locations: India, Ukraine, DELHI, Asia, Thailand, Vietnam, New Delhi, Punjab, Haryana, Rice, West Bengal, Bihar, Chhattisgarh, Andhra Pradesh, Telangana, China, Philippines, Hamburg

The delay in shipments from India could support global sugar prices , trading near multi-year highs. Last year, despite good monsoon rains, sugar production fell. At the start of the current sugar season to Sept. 30, 2023, the industry pegged this year's output at 36 million tonnes, which has been scaled down to 32.8 million tonnes. Due to the lower output, India allowed exports of 6.1 million tonnes for this season. The country exported more than 11 million tonnes in 2021/2022, an all-time high.

Persons: El, there's, Rajendra Jadhav, Mayank Bhardwaj, Jacqueline Wong Organizations: El, El Nino, Thomson Locations: MUMBAI, DELHI, India, New Delhi, Mumbai

The increase in the tax on palm oil could lift local prices, making the tropical oil a little less competitive than rival soyoil and sunflower oil. "We have proposed an increase in import duty on palm oil to support rapeseed prices," said a government official, who declined to be named in line with official rules. After abolishing the basic import tax on crude palm oil (CPO) last year, India continues with a 5.5% tax on CPO shipments. The country also levies a 12.5% import tax on refined, bleached and deodorized palm oil. "Overall food inflation might be a concern for the government, but vegetable oil prices have dropped."

India, the world's biggest sugar exporter after Brazil, exported a record 11 million tonnes in the previous season to Sept. 30, 2022. Lower sugar exports from India could raise global prices , and allow rivals Brazil and Thailand to increase their shipments. We can't allow even additional exports of 1 million tonnes," said another official, who declined to be named. The country's sugar production was initially projected to rise to a record 36.5 million tonnes, far above local demand of 27.5 million tonnes. India mainly exports sugar to Indonesia, Bangladesh, Malaysia, Sudan, Somalia and United Arab Emirates.

MUMBAI, Nov 5 (Reuters) - India on Saturday approved the 2022/23 export of 6 million tonnes of sugar, in line with market expectations for the year's first tranche. India exported more than 11 million tonnes of sugar in 2021/22 and the industry was expecting that New Delhi this year would allow exports of 8 to 9 million tonnes in two tranches. Industry officials were expecting the government to allow 5 to 6 million tonnes of sugar in a first tranche and could allow another 2 to 3 million tonnes in a second tranche based on sugar production. India is expected to produce around 36.5 million tonnes of sugar in the season that began on Oct. 1, a leading industry body said last month. That's why the government has asked mills to export sugar before May end," said a senior industry official, who declined to be named.

India, also the world's biggest sugar consumer, this year restricted exports through to the end of this month to contain a rise in domestic prices following record exports. India is expected to allow about 3 million tonnes of sugar exports in the second tranche, taking this year's total overseas shipments of sugar to about 8 million tonnes. According to the Indian Sugar Mills Association, a producers' group, India could export up to 9 million tonnes of sugar in the 2022-23 season. Cashing in on attractive global prices traders have already started signing deals to export raw sugar for this season. After diverting about 4.5 million tonnes of sugar for ethanol production, India is expected to produce about 36.5 million tonnes of the sweetener in the 2022-23 season, up 2% from the previous season.

Last month, the Food and Agriculture Organization's global rice price index rose 2.2% to hit an 18-month high. "The international market has gone up and it will go up further," said Nitin Gupta, vice president for Olam India's rice business. Reuters GraphicsVietnam's unmilled rice output is forecast to hold flat to last year's 43 million tonnes, according to government data. Neighbouring Thailand is aiming to export 7.5 million tonnes this year, up about 7% from its previous target of 7 million tonnes, said Anucha Burapachaisri, a government spokesman. Meanwhile, Pakistan cannot capitalise on India's export curbs after severe flooding ravaged its crop.

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