U.S. wheat futures fall, close above session lows.
India spot wheat rises on low supply.
India spot wheat rises on low supply.
India Urad, masoor rise on stockists buying.
Prices of urad and masoor edged up on scattered buying by stockists, driven by uptick in demand from retailers. Mild buying support from stockists and pickup in demand from retailers against restricted supplies mainly led to the rise in urad and masoor prices.
Tur spot rates down on lower demand from dal millers.
Prices of tur were down in Akola and Mumbai due to sluggish demand from dal millers. Tur prices have fallen despite lower acreage so far this year as demand is subdued and there are concerns over likely cheap imports from Africa in the coming months.
Chana prices down on higher supplies, NCDEX cues.
Prices of chana were down in Delhi because of higher supply in the local market and sluggish demand. However, traders expect prices of chana to rise in the coming weeks due to demand ahead of festivals. The most active chana September futures were down 2.7%.
NAFED procures 54,735 tonne of 2016-17 chana crop.
The National Agricultural Cooperative Marketing Federation has procured 54,735 tonne chana grown in the 2016-17 (Jul-Jun) rabi season for buffer as of Thursday. Pace of procurement is slowed down due to rains in key growing areas. Procurement is being carried out in Madhya Pradesh, Uttar Pradesh, Rajasthan and Haryana. The procurement started as chana in these states is trading below minimum support price level of 4,000 rupees per 100 kg, including a bonus of 200 rupees.
CBOT soybeans close lower as weather outlook improves.
Futures contracts of soybean were down on the CBOT as weather in the US turned favourable for the crop. The heat wave that was expected to hit the crop in the soybean-growing Midwest region in the US has moved towards the northern part of the country. August soybean contract on CBOT was at $9.92 per bushel, down 1.7% from the previous close.
Mustard seed prices down in Jaipur as supply rises.
Prices of mustard seed were down in Jaipur due to an increase in arrivals amid subdued demand from stockists after prices rose for four straight sessions. Weak demand for mustard oil from overseas buyers also weighed on prices of the oilseed.
Commercial launch of GM mustard at least 2 years away, Govt tells SC.
The Centre assured the Supreme Court that even if it were to go ahead with commercial release of genetically modified mustard seed, the actual launch will take at least two years. Govt: Have only 15 kg GM mustard seed right now.
India groundnut oil softens on reduced offtake.
Groundnut oil prices fell at the wholesale oils and oilseeds market due to reduced offtake by stockists following easing demand from retailers. However, other edible and non-edible oils moved in a narrow range in limited deals and pegged at last levels. Reduced offtake by stockists due to fall in demand from retailers against adequate stocks position, mainly led to the decline in groundnut oil prices.
Farmers asked to re-sow soy in parts of Madhya Pradesh.
IMD Agrimet has recommended farmers in Madhya Pradesh to re-sow soybean in those patches of fields where either yield is seen poor or seeds have not germinated. Erratic weather in the state is affecting the proper growth of the oilseed plant.
USDA opens market to allow in more foreign sugar.
USDA announced that it is opening up the U.S. market to an additional 414,000 tons of foreign sugar. The move was greeted warmly by the by U.S. food and candy makers, who have been clamoring for months for the USDA to allow in more sugar. The U.S. needs more sugar than it produces, but USDA tightly controls imports through a complex TRQ system. USDA each year sets an overall sugar import quota for 40 World Trade Organization countries, not including NAFTA partonneer Mexico. That quota for raw sugar is about 1.2 million tons and currently cannot be raised each year until April 1. The increase announced bring that up to roughly 1.5 million tons for fiscal year 2017, not including the sugar that Mexico is allowed to ship here.
Philippines sugar output hits 2.485 MMT.
The country raw sugar output in the current crop year has already reached 2.485 million metric tons (MMT), 11.03 percent higher than the 2.238 MMT recorded in crop year (CY) 2015-2016. Sugar Regulatory Administration (SRA) showed that the local sugar industry has produced 49.691 million 50-kilogram bags. Sugar production SRA revised target of 2.5 MMT for CY 2016-2017, which end on August 31.
India Cooperative sugar body asks mills to advance 2017-18 cane crushing.
National Federation of Cooperative Sugar Factories has asked sugar mills to advance the cane crushing operations for 2017-18 (Oct-Sep) to early or mid-October to maintain adequate supply of sugar in the market. Mills start crushing cane by the end of October or the beginning of November. Demand for the sweetener is expected to rise significantly during major festivals starting from Rakshabandhan on Aug 7 and continuing till Christmas on Dec 25. Early crushing “would help availability of new sugar production to augment stock availability in the market which would help maintain current level of sugar prices. The sugar body had asked mills to offload maximum stocks to help curtail the soaring prices.
Centre and sugar mills agree to cap cane price.
14 states and Union Territories with a huge sugar consumption base are currently facing supply shortage due to low output last year. The government has asked Indian Sugar Mills Association (ISMA) to ensure that Mills do not increase prices as market prices were quoted at three-month highs. In response to the letter from ministry of consumer affairs to check prices.
India sugar down in key spot markets as demand fades at higher levels.
Prices of sugar fell in key wholesale markets of the country as bulk demand faded at higher price levels. On the National Commodity and Derivatives Exchange, futures contracts of sugar traded flat because of low volumes.