Turning to commodities, global sugar markets face tightening supply.

Turning to commodities, global sugar markets face tightening supply. India is unlikely to export sugar for years, citing the impact of El Nino weather patterns and a significant increase in ethanol production. India's sugar output has dropped eighteen percent from its peak while domestic demand rises. Sugar mills are now pushing for a higher Minimum Support Price and greater ethanol allocation, reflecting the country's strategic pivot towards a robust bioenergy ecosystem by 2026-27. This could have long-term implications for global sugar prices and the bioenergy sector.