Expect some cap on sugar exports: Former Agri Secy Siraj Hussain

Agri commodity prices have come off in the same sense as the crude and the metals and gold and silver as well. Crude oil prices have declined between 8 and 10 percent in this week, and it has had impact on the ethanol prices, sugar, corn, and many of these biofuel commodities.

With the Ukraine and Russia peace talks progressing well, at least those are the claims that are coming in initially, the wheat prices have come off as well. Sugar prices have also declined from three-month highs. Markets are watching at higher supplies coming in from India and Brazil.

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On sugar exports, Siraj Hussain, former Agricultural Secretary, told CNBC-TV18, “I think the situation is still not very satisfactory. The talks maybe going on between Russia and Ukraine, but I think the ports continue to be disruptive, the port operations."

He said: "As far as India is concerned, I expect some kind of cap on export of sugar. Now, it seems that the government will not allow the unlimited quantity of sugar to be exported.”

On wheat, he said, “I think Indian exporters are taking advantage of the crisis in African countries, especially in North Africa, and some Arab countries. So we should be able to export a good quantity of wheat. But on the whole, I think we are still not out of woods.”