The global sugar futures market is very much similar to our financial markets . Lots of varied opinions, forecasts are made on factors including weather, crop maturity, ethanol, real vs USD , technicals , India.
India is the biggest consumer and second largest producer . India’s surplus/deficit numbers affects the futures pricing in a big way. ISMAs commentary, numbers are closely tracked .
Though ISMA has maintained that imports are needed. Its more like posing to keep prices in check so the govt does not intervene. In recent concalls of UP mills ,the management accept the fact that India must import later this year. The global sugar prices will reflect that.