India wheat import for August-September delivery.
India arhar prices fall sharply, traders call for easing export restrictions.
Substantial stocks available with the government agencies, traders and farmers, because of a record output last year, has pulled down prices of tur or arhar sharply in the last couple of months.As a result, there has been growing demand for allowing export of pulses which may boost prices. The government must step in to stop further fall in prices of arhar. Nafed which is holding on to around a MT of arhar, has been negotiating with states to clear the stocks so that space would be created for new crop. Karnataka government has agreed to lift one lakh tonne of arhar while army, para-millitary forces have requirement of another lakh tonne.
Tur rates down in Akola on sluggish buying.
rices of tur continued to fall in Akola because of subdued demand from dal millers. However, traders anticipate a rise in demand in the coming weeks, while prices may also rise due to the slow pace of sowing of the pulse so far.
Govt source says 2017-18 tur acreage may fall 5% on weak returns.
India tur acreage may fall around 5% in 2017-18 (Jul-Jun) kharif season as farmers are shifting to other crops for better realisation. Many farmers avoided sowing tur this year as they received lower prices for their earlier crop due to bumper production and lower-than-required procurement from the government. The sowing was down in the two largest tur-growing states of the country, Maharashtra and Karnataka, but a long-term shift in sowing pattern is more likely in southern parts of the country–Tamil Nadu, Andhra Pradesh, Karnataka, and Telangana.
Delhi chana price down on weak demand by dal millers.
Prices of chana fell in Delhi because of weak demand from dal millers Chana prices were down despite the Maharashtra government removing the stock limit on it. The most active August futures on the NCDEX were down 1.8%. Rajkot Gram, Besan prices moved down due to low retail demand.
Nearly 200,000 ha under cotton, groundnut in Gujarat faces rain.
Incessant rains followed by heavy flooding and water logging in Gujarat poses a major risk to cotton and groundnut crops among others. The weather bureau has forecast heavy to very heavy rains until Friday, which could worsen the situation for kharif crops.
Source says govt may lift ban on tur, urad, rice futures trade.
The finance ministry is likely to lift over a decade-old ban on futures trading in tur, urad and rice as inflationary fears have subsided amid ample supplies of the farm commodities. The (finance) ministry is considering a request from SEBI (Securities and Exchange Board of India) seeking government approval to revive tur, urad and rice futures. As prices of pulses have been below minimum support prices despite the government efforts, the need for lifting the ban seems to be immediate.
Jaipur mustard seed prices up on stockists demand.
Prices of mustard seed rose in Jaipur due to a pickup in demand from domestic stockists after prices fell for two straight days. A fall in arrivals also supported prices of the commodity. Subdued demand from domestic oil millers and crushers, along with tepid demand for mustard meal from overseas buyers, however capped gains in prices.
NCDEX mustard seed up on bargain buys post 1-week low.
Mustard seed futures contracts were up on the NCDEX due to bargain buying after prices hit a one-week low. On the NCDEX, the most active August contract traded up 0.44% from previous close. A decline in stocks at exchange accredited warehouses also supported prices.
Soybean up in Indore due to slow progress of sowing.
Soybean prices in the benchmark market of Indore rose due to slow progress of kharif sowing in Madhya Pradesh. Lower prices of the oilseed in domestic markets also led to fall in acreage, as farmers opted to plant more profitable crops such as cotton. In line with spot markets, futures contracts of soybean on the NCDEX also traded 1.2% higher.
CBOT soybean up 1% as condition of US crop worsens.
Futures contracts of soybean staged a rebound on the CBOT and traded nearly 1% higher on reports of the crop condition worsening in the US. Prices have risen as the USDA recently said around 43% of the sown soybean crop was in poor condition due to dry weather. The August soybean contract on CBOT traded at $10.0550 per bushel, up 0.8% from the previous close.
ICE raw sugar ends down over 3% on likely supply glut.
Futures contracts of raw sugar settled 3.5% lower on the ICE because of expectations of higher global supplies in 2017-18, led by a rise in production in Brazil. Mills in Brazil Centre-South region produced 3.1 million tonne sugar during July 1-15, up 9.1% on year. Reports of early crushing in India due to likely higher production in 2017-18 (Oct-Sep) also weighed on prices. Early crushing would help availability of new stock of sugar in the market. The most-active October contract on ICE ended at 13.9 cents a pound, down 3.5% from the previous close.
Sugar prices down in Delhi, unchanged in Maharashtra.
Prices of sugar were down in the key wholesale markets of Delhi due to low demand at higher prices. Prices of the sweetener are subdued also because of reports of the government asking mills to curtail the prices. On the NCDEX, the October contract of sugar traded down 0.7% from the previous close.