Futures contracts of soybean rose over 2% on NCDEX due to a surge in soymeal exports from the country. The most-active August soybean contract was up 2.6% from the previous close. Export of soymeal rose 56.1% on year to 64,000 tonne in June. In Oct-Jun, India exported 1.52 million tonne of soymeal, up from 319,000 tonne a year ago.
CBOT soybean at 4-month high on dry weather in US.
Soybean contracts hit a four-month high of $10.2450 per bushel in electronic trade on the CBOT because of dry weather conditions in the US, which raised concerns over output. The most-active August contract on the CBOT traded at $10.2025 per bushel, up 1.9% from the previous close.
India Farm body to auction 32 tonne urad via NCDEX e-Markets.
Small Farmers Agribusiness Consortium will offer 32 tonne urad for auction through NCDEX e-Markets.
Tur price up in Akola as weak rains may hit sowing.
Prices of tur rose in Akola, Maharashtra, as poor monsoon rains in the state may affect sowing. Lower arrivals amid improved demand for the commodity also supported prices. In Akola, tur was quoted up 50-75 rupees from previous close. Arrivals of tur in Akola were estimated at 500 bags (1 bag = 100 kg), down 200 bags from previous close.
Chana prices down in Delhi due to higher arrivals.
Chana sold in benchmark market of Delhi, down 100 rupees from previous close. Arrivals in Delhi nearly doubled to 750 tonne from previous close. In the key market of Bikaner in Rajasthan, chana prices were unchanged. Demand of chana from dal millers is likely to increase going forward because of a slew of festivals in August.
India Rajshree Sugars sales decline in two of its units.
The company sugar sales in Theni District unit dropped by 27.6% to 1,716 million tonne in June 2017 as against 2,373 million tonne in June 2016. The company sugar sales in its Mundiyampakkam unit nearly doubled rising by 76% to 10, 513 million tonne in June 2017 as against 5,951 million tonne in the year ago period. While, sugar sales in the company Semmedu unit decline by almost 8% to 2,363 million tonne in June 2017 from earlier 2,566 million tonne in the year ago period.
India Sugar stocks sweeten as govt hikes import duty to 50%.
Shares of sugar companies were trading higher by upto 7% on BSE after the government increased import duty on sugar to 50%, up from 40%, to restrict cheap inward shipments and maintain domestic prices. In past one-week, most the sugar stocks have outperformed the market by gaining in the range of 5% to 22%, as compared to 1.8% rise in the S&P BSE Sensex.
ICE Oct sugar down 2% intraday as India ups import tax.
The October sugar contract on the ICE fell 1.9% intraday, as India raised the import duty on sugar to 50% from 40% to prevent imports. The contract down 0.4% from the previous close.
India Govt raises import duty on sugar to 50% from 40%.
The government increased the import duty on sugar to 50% from 40% with immediate effect to counter cheap imports amid abundant supply in domestic markets. The duty has been increased on the bulk imports of raw sugar, refined, or white sugar. The government did not mention an expiry date for the new duty.