India’s oilmeal exports rose 9 per cent to 14.03 lakh tonne during
Futures contracts of barley fell on the NCDEX due to profit booking after prices hit a 21-month high of 1,800 rupees per 100 kg. The October contract was at 1,791 rupees per 100 kg, down 8.50 rupees. However, gains in the benchmark market of Jaipur, following improved demand from domestic stockists, limited the fall. Demand rose after the government had hiked the minimum support price of the coarse grain by 30 rupees per 100 kg.
Prices of barley rose in Jaipur following improved demand from domestic stockists and as the government had hiked the minimum support price of the coarse grain by 30 rupees per 100 kg. In Jaipur, the benchmark market for the commodity, the coarse grain was sold at 1,630 rupees per 100 kg, up 10 rupees from previous close. The Union Cabinet approved a hike in minimum support price for 2018-19 barley crop to 1,440 rupees per 100 kg. Supplies are negligible in the market due to low stocks with farmers. The new crop will be available from March.
India’s oilmeal exports rose 9 per cent to 14.03 lakh tonne during the first six months of the ongoing financial year, driven by sharp increase in shipments of rapeseed meal, according to industry data. The country exported 14,03,382 tonne during April-September 2018 as against 12,84,788 tonnes in the same period last year, the data compiled by Mumbai-based Solvent Extractors’ Association of India (SEA) showed. Rapeseed meal exports doubled to 6,01,105 tonne in the reported six months from 3,00,627 tonne in the year-ago period. South Korea, Vietnam and Thailand were major importers. However, exports of soybean meal fell to 3,92,736 tonne from 4,89,926 tonne during the period under review. As per the data, exports to Vietnam rose 24 per cent to 2,77,406 tonne during the first six months of 2018-19. Thailand imported 1,67,101 tonne during April-September 2018 as against 76,895 tonne in the year-ago period.
Chicago soybean prices rose for a second consecutive session, hitting their highest in more than six weeks as rains in parts of the U.S. Midwest delay the harvest of what is expected to be a record crop. The most-active soybean contract on the Chicago Board of Trade was up 0.3 percent at $8.71-1/4 a bushel, after earlier touching its highest since Aug. 22 at $8.75. Rains across the U.S. Midwest are delaying harvesting and stoking fears of crop damage. Brazilian soybean producers have sold 27.3 percent of the crop that will start to be collected around January, compared with 14.1 percent that had been sold at this time last year. China soymeal futures climbed more than 2.5 percent to a record 3,457 yuan ($501.37) per tonne amid ongoing concerns about the trade war.
The October contract of soybean on the National Commodity & Derivatives Exchange settled 0.8% lower due to rising supply of fresh crop in wholesale markets. Supply of new crop of soybean in spot markets across the country was at 500,000 bags (1 bag = 100 kg). After hitting a two-week low of 4,112 rupees per 100 kg, the October contract of mustard seed on NCDEX closed lower due to subdued demand from oil millers. In Jaipur, prices of the oilseed were 4,225-4,250 rupees per 100 kg, down 50 rupees from previous close.
Arrivals of the new crop of maize have started in some parts of Karnataka, a leading grower of the coarse grain in the kharif season. It has been three-four days since the new kharif maize crop has started arriving in Karnataka. Around 50-100 tn of new maize crop is arriving regularly on an average. However, the price of the old crop is still higher than that of the new crop, as the latter has high moisture content. The new crop has moisture content of 28-30%, while the desirable level is only 14-15%. Bulk buyers from the poultry, starch and food sectors prefer to buy stock from the old crop, with less moisture. Currently, there isn’t much demand in wholesale markets, as most bulk buyers have already stocked maize to meet their requirement till the end of the month.
Price of the coarse grain in Purnea, the key market for rabi maize in Bihar, increased around 10 rupees from previous close to 1,390-1,410 rupees per 100 kg. Prices edged higher because of less availability of good quality crop in wholesale markets.
Agro-centric National Commodity & Derivatives Exchange (NCDEX) plans to launch options trading in four new contracts namely, guargum, soybean, refined soy oil and chana within two weeks. Currently generating a daily average turnover of around Rs 40 million in guarseed options, its only agro contract currently, the exchange has already received approval from the markets regulator the Securities and Exchange Board of India (Sebi) to launch options trading in these additional commodities.