India halts sugar exports amid drought; first in 7 years

India is set to halt sugar exports for the first time in seven years due to reduced cane yields caused by insufficient rainfall. The government's primary focus is on meeting local sugar demands and producing ethanol from surplus sugarcane. This decision is expected to raise benchmark prices in New York and London, fueling concerns about global food market inflation. Local sugar prices have reached their highest level in nearly two years, eliminating any possibility of exports.