India Faces Second Year of Sugar Deficit as Mills Close Early

• India's sugar production is set to fall below consumption for a second straight year due to lower cane yields.
• Mills are closing earlier than usual, with 467 of 541 mills shut by end of March, compared to 420 last year.
• Production is unlikely to exceed 28 million metric tons this season, against local demand of 28.5-29 million tons.
• Lower output and rising exports will reduce domestic stockpiles and support local prices.
• Next season's opening stocks are projected to be less than 4 million tons, down from 5 million tons this season.