Pakistani importers have recently purchased about 180,000 tonnes of soybeans expected to be sourced optionally from the United States or Brazil. The soybeans are for shipment in April and May 2018. The purchases were made in three 60,000 tonne consignments from exporters in the United States at premiums over Chicago soybean futures.
Australia 2017-18 canola output seen 26% down on year.
Australia 2017-2018 canola output is seen at 3.12 million tonne, down 26% on year, due to seed shortages and inadequate rains. Patchy and light rains so far and forecast of insignificant rains over the next few weeks has dented outlook for canola harvest.
Edible oils slide on easing demand in Delhi.
Edible oil prices softened by Rs 50 per quintal at the wholesale oils and oilseeds market on easing demand from retailers. However, non-edible oils remained steady in thin trade. fall in demand from retailers against sufficient stocks position mainly led to decline in edible oil prices.
NCDEX soybean declines nearly 3% on profit booking.
Futures contracts of soybean fell nearly 3% on the NCDEX due to profit booking, after prices rose to a near three-month high on previous close.
Soybean prices rise in Indore on lower acreage.
Soybean prices rose in Indore, Madhya Pradesh, as area under the oilseed fell in the state. Prices of the oilseed also rose due to a surge in soymeal exports from the country. Export of soymeal rose 56.1% on year to 64,000 tonne in June.
Soybean up in Nagpur and Jalgaon.
Soyabean prices strong in Nagpur on increased demand from local crushing plants amid weak supply from producing regions. Notable hike in other soyabean mandis in the region because of weak monsoon and reported demand from South-based plants also jacked up prices.
Madhya Pradesh procures 144,000 tonne of summer-grown moong in a month.
The Madhya Pradesh government procured around 144,000 tonne of summer-grown moong from Jun 10-Jul 10 at a minimum support price of 5,225 rupees per 100 kg, including bonus. The state government aimed to procure 150,000 tonne of the pulse, but it now pegs the procurement to be around 200,000 tonne by Jul 31.
Chana prices down in Delhi due to high supply.
Prices of chana fell in Delhi because of high arrivals even as demand remained steady. In Delhi about 750 tonne of chana arrived, nearly double of the daily average arrival of 375 tonne. In the key market of Bikaner in Rajasthan, prices were unchanged. Trade was sluggish due to lack of clarity over the filing process for goods and services tax. Also, Chana down in Indore market on low demand.
ICE raw sugar down as India ups import duty to 50%.
Futures contracts of raw sugar on the ICE fell over 1% as the import duty on sugar in India was increased to 50% from 40%. The most-active October contract was at 13.37 cents per pound, down 1.4% from the previous close.
Sugar prices fall in Mumbai, flat in Delhi.
Prices of sugar were down in the key wholesale markets of Mumbai as demand faded at higher prices. In Delhi, prices were unchanged after rising by 5 rupees per 100 kg on previous close, after the import duty hike, while in Mumbai, the commodity was down 5 rupees.
Maharashtra to release up to 70 million rupees of sugar export subsidy.
The cooperation and marketing department of Maharashtra approved subsidy payments for cooperative mills that exported raw sugar in 2014-15 season. The payment of subsidies has been approved to enable mills to clear fair and remunerative prices to sugarcane farmers. The state had provided 100 million rupees for payment of sugar subsidies in the current financial year budget, of which 70%, or 70 million rupees, can be used for export subsidies. The government had declared a subsidy of 1,000 rupees per tonne to encourage export of raw sugar in 2014-15, when the country faced severe supply glut and record low prices of the sweetener.
India Sugar NCDEX Oct contract tad up as govt raises import duty.
The October contract was up 0.3%. In the last week of June, prices of raw sugar on the Intercontinental Exchange had slipped to a 16-month low of 12.53 cents per pound. Raw sugar futures on ICE fell over 1% due to the hike in import duty.