Mustard seed prices in Jaipur were down because of lower demand from the oil millers. However, arrivals across the country were unchanged at 95,000 bags (1bag=85kg). The most active August futures ended down 1%. Weakness in the entire edible oil complex due to expectation of a cut in the import duty on the crude palm oil is also seen creating bearish sentiment.
NCDEX soybean down 1% on cues from spot markets.
Futures contracts of soybean fell nearly 1% on the NCDEX, taking cues from weakness in major spot markets. The most active August contract of soybean on the NCDEX was down 0.8% from the previous close. The October contract was also trading 0.2% lower. Prices fell in major spot markets after sufficient rainfall in Madhya Pradesh this week boosted prospects of improved sowing in the state.
NCDEX marks 3,330 tonne soybean for staggered delivery.
NCDEX has marked 3,330 tonne of soybean for staggered delivery in the July contract. Staggered delivery is used to check any artificial rise in prices. Under this mechanism, sellers can indicate intention of delivery to the exchange during the tender period, currently a 10-day span before the contract expires. The bourse has also marked 1,090 tonne of maize, 970 tonne of wheat, 610 tonne of mustard seed, 540 tonne of barley, 460 tonne of guar seed, 280 tonne of castor seed, 69 tonne of jeera, 30 tonne of guar gum, 10 tonne of cottonseed oilcake, and 5 tonne of turmeric for staggered delivery in the July contract.
Indian soybean falls, as high rainfall in key planting areas.
Indian soybean futures fell, as high rainfall in key planting areas raised the possibility of higher supply. The key soybean planting states of Madhya Pradesh, which accounts for about 60 percent of the country soybean production, and Rajasthan, which accounts for about 27 percent, recorded excess rainfall over the week ended July 19. August soybean futures closed 1 percent lower on NCDEX. Soyoil futures were down 1.1 percent. Rapeseed futures ended 1 percent lower at 3,668 rupees.
Canada holds a 43.97 per cent market share in U.S. pulse imports.
Canadian pulse imports into the U.S. has averaged US$313.235 million. Mexico was a distant second at US$137.731 million, for a 13.26 per cent market share. For the January-to-May period of this year, Canada has sold US$141.517 million in pulses to the U.S.
Canada ups year to Jul chana price forecast by 4% as inventory falls.
Canada has further scaled up its 2016-17 (Aug-Jul) price estimate for chana for the third time this year, while retaining that for peas and masur. Chana or chickpeas prices for 2016-17 have been forecast higher at $990-$1,000 per tonne from $950-$960 per tonne estimated last month. The average price is forecast to increase sharply to record prices, due to lower Canadian and world stocks. However, in 2017-18, prices are likely to see a correction and are likely to be quoted in the range of $960-$990 per tonne.
NCDEX chana hits 3% upper limit on bargain buying.
Chana futures contracts on the NCDEX hit the 3% upper limit on improved buying by the investors after prices hit the key support level. The most active September futures contract was up 2.1% from previous close. Lower arrivals of the pulse in the local market is seen supporting upside in the chana prices.
Tur prices down in Kalaburagi(Gulberga) as rains deter buying.
Prices of tur fell in Kalaburagi, Karnataka, as rains in the region deterred purchases of the commodity. In Akola, Maharashtra, prices were steady. Low supply amid low demand kept prices steady in Akola.
MMTC to auction 358.35 tonne urad via NCDEX e-Markets.
MMTC offer 358.35 tonne urad, imported from Myanmar, for auction on Thursday through NCDEX e-Markets. The pulse is stocked at Central Warehousing Corp in Vashi, Navi Mumbai.
Madhya Pradesh buys 170,000 tonne of summer-grown moong in over a month.
The Madhya Pradesh government procured around 170,000 tonne of summer-grown moong in five weeks at a minimum support price of 5,225 rupees per 100 kg, including bonus. The procurement drive is underway at 71 centres in the state, procuring moong under the price stabilisation scheme since Jun 10. Initially, the state government targeted to procure 150,000 tonne of the pulse, but it now pegs the procurement to be around 200,000 tonne by Jul 31.
India Food Corp to auction tur, masoor via NCDEX e-markets.
The Food Corp of India will offer 8,359.17 tonne tur and 27.90 tonne masoor for auction on Thursday through NCDEX e-Markets. The pulses are stocked at warehouses in Maharashtra, Madhya Pradesh, and Telangana.
Haryana to distribute 4,820 tonnes of pulses to poor families.
The Haryana government has decided to distribute 4,820 metric tonnes (MT) of pulses to 11,28,006 poor families at subsidised rates.
West Bengal seeks to buy 8,100 tonne sugar for sale via PDS.
West Bengal Essential Commodities Supply Corporation Ltd, a nodal agency for procuring sugar on behalf of the Food and Supplies Department of the state, have sought bids to buy 8,100 tonne of sugar. The sweetener bought would be supplied during Sep-Oct through the public distribution system. Sep-Oct is a period of key festivals such as Durga Pooja, Kali Pooja and Chhat Pooja in the state. The submission of the bids closes on Aug 7, and the price bid open on Aug 9. The bids remain valid for 60 days from the date of opening of the tender.
Pakistan govt allows export of 300,000 tonne of sugar.
The Pakistan government has allowed export of 300,000 tonne of sugar. The country had 1.45 million tonne of surplus sugar stock from the last crushing season. Exporters in the country should export the allotted quota within two months. Earlier, Pakistan had allowed export of 425,000 tonne sugar, as millers in the country wanted the government to allow export to settle dues of farmers.
Sugar prices up in Maharashtra, unchanged in Delhi.
Prices of sugar inched up in the key wholesale markets of Maharashtra as millers quoted higher prices. Despite poor demand, mills are raising prices as there is no pressure on them to sell stocks. Millers will receive the new supply of sugar by mid-September and will have to manage with the current stocks till then. In North India, prices of sugar remained unchanged. Sugar futures on NCDEX it the 3% upper limit, taking cues from the strength in spot prices.
Maharashtra drip irrigation mandatory for sugarcane crop.
The Maharashtra government has made drip irrigation mandatory for sugarcane crops in all the irrigated command areas across the state. More than half the land in Maharashtra is drought-prone and this decision is considered a formidable step towards water conservation. The government install drip irrigation system in the fields of total 3.7 lakh hectares in a phased manner within the next two years. The state provides a loan with an interest rate of only 2%. The amount of loan will be Rs 85,400 per hectare.
Nearly 90% sugarcane dues cleared by UP govt.
Out of the total outstanding cane dues of Rs 25,836.46 crore for crushing season 2016-17, a payment of Rs 22,807.53 crore was made to cane growers till July 14. This is 89.84 per cent of the total dues. Around 90 per cent of cane dues amounting to Rs 22,807 crore was given to sugarcane growers till July 14 during the crushing season 2016-17. The cane area of the state had increased by two lakh hectare due to the faith reposed by farmers on Chief Minister Yogi Aditynath.