Cabinet hikes wheat MSP by Rs 105 per quintal for 2018-19.

The Government Wednesday announced 6 per cent hike in support price of wheat at Rs 1,840 per quintal, a move that will give farmers an additional income of Rs 62,635 crore and help contain their simmering discontent over high input cost and low sales realisation. The decision comes within months of announcing higher price for Kharif crops, when the government fulfilled its promise of giving farmers 50 per cent more price than their cost of production. The Cabinet has approved a Rs 105 per quintal hike in wheat MSP to Rs 1,840 for 2018-19 season.

Oilmeals Export Falls 73% Over Year In September 2018.

According to a latest update from the Solvent Extractors’ Association of India (SEA) the export of oilmeals during September 2018, is provisionally reported at 81,511 tons compared to 298,182 tons in September 2017 i.e. down by 73%. However, the overall export during April to September 2018 is reported at 1,403,382 tons compared to 1,284,788 tons during the same period of last year i.e. up by 9%. The ongoing trade dispute between USA and China has created a lot of uncertainty and forcing China to look out to other origins for their requirements of soybean and oilmeals. This has compelled China to relook its ban imposed for importing of oilmeals from India since 2012. According to Ministry of Commerce/Export Inspection Council of India.

Indore soybean up on higher demand, lower arrivals.

Soybean prices in Indore rose due to lower arrivals of the crop in the market and improved demand for soymeal. In Indore, prices rose 50 rupees to 3,200 rupees per 100 kg. Indore is considered the benchmark market for the oilseed in India. Arrivals in Madhya Pradesh was seen at 200,000 bags (1 bag = 100 kg). Demand has risen due to the better quality of the crop, lifting prices in the domestic market.

India soybean gains on Chicago cues.

Futures contracts of all components in the edible oil basket rose on domestic exchanges. The October contract of soybean on the National Commodity & Derivatives Exchange settled 1.5% higher in line with strength in the bellwether contracts on the Chicago Board of Trade. Improved demand from the solvent plants also contributed to the bullish sentiment. In key Indore market, soybean prices rose by 50 rupees to 3,200 rupees per 100 kg. Refined soyoil on the NCDEX and crude palm oil on the MCX also traded 0.5% and 1.0% higher, respectively, due to a rise in purchases ahead of festivals.