Chinese importers buy 12.53 million tonnes of US soybeans.
Ram Gopal Yadav (8 years ago)

A delegation of commodity importers from China, the world top buyer of soybeans, signed agreements to buy 12.53 million tonnes of the US crop, the second largest deal between the two countries. The previous record was a 13.18 million-tonne agreement signed in 2015. The non-binding deal was signed at a ceremony in Des Moines, Iowa. The US Agriculture Department expects China to import 93 million tonnes of soybeans in the 2017/18 marketing year, up from 89 million in 2016/17. Total US soybean exports are pegged at 58.51 million tonnes, up from 55.79 million tonnes a year earlier. China has become a strong importer of soybeans due to rising consumption of both poultry and livestock.

Rajasthan farmers advised to continue sowing groundnut.
Ram Gopal Yadav (8 years ago)

IMD Agrimet has advised farmers in east Rajasthan to continue sowing of groundnut, millet, maize, sorghum and pulses like moong, moth, cowpea. It has also asked farmers in irrigated areas of west Rajasthan to continue transplanting of rice. During Jun 1-Jul 12, east Rajasthan received 10% below normal rainfall, while west Rajasthan got 65% above normal showers.

CBOT soybean futures ease on higher world crop.
Ram Gopal Yadav (8 years ago)

Soybean contracts fell on the CBOT due to an USDA report which was upbeat on the global soybean output in 2017-18. The most-active August contract in the electronic trade on the CBOT traded at 10.0350 per bushel, down 1.8% from the previous close. The US agency has raised its estimate for global production of soybean in 2017-18 to 345.09 million tonne, up 420,000 tonne from its projection in June.

NCDEX soybean down 1% on spot market cues.
Ram Gopal Yadav (8 years ago)

Futures contracts of soybean fell over 1% on the NCDEX, taking cues from a fall in prices in major spot markets. The most-active August contract of soybean was down 1.3% from the previous close. The current month contract also traded 1.2% lower. With the southwest monsoon reviving over Madhya Pradesh, expectations of improved sowing in the coming days have pulled down prices in the state.

NCDEX marks 3,450 tonne soybean for staggered delivery.
Ram Gopal Yadav (8 years ago)

The NCDEX has marked 3,450 tonne of soybean for staggered delivery in the July contract, which will expire next Thursday. 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.

STC invites bids for sale of 2,362 tonne imported urad.
Ram Gopal Yadav (8 years ago)

STC Ltd has floated a tender to sell 2,362 tonne of imported urad from the 2016-17 crop of Myanmar origin. Offers should be for a minimum quantity of 150 tonne. The commodity is at the Central arehousing Corp in Virugambakkam and Royapuram in Chennai. Bids must be submitted on Jul 26, and opened on the same day.

NCDEX to re-launch chana futures from Friday.
Ram Gopal Yadav (8 years ago)

To start with, September, October and November contracts available for trading, and the contract size will be 10 tn. The transaction charges for trading in chana futures in line with charges for commodities in list B, which is a flat rate of 2 rupees per 100,000 rupees of trade, till further notice.

Twin slump in sugar, oil puts pressure back on Brazilian mills.
Ram Gopal Yadav (8 years ago)

A steep decline in sugar and oil prices over the last six months has diminished the hope of financial recovery for a number of Brazilian mills, and could put new dealmaking in the sector on hold. Raw sugar prices in New York SBc1 were hovering around 13 cents per pound, down around 40 percent since the fourth quarter of 2016 to a level. At the same time, an ongoing slump in oil prices CLc1 LCOc1 has led state-controlled oil firm Petrobras (PETR4.SA) to repeatedly cut gasoline prices domestically. That has in turn pressured ethanol producers to follow suit since the two fuels were sold side by side at the pump. The price pressure on sugar and ethanol could cut short a nascent financial recovery for many Brazilian mills during a global sugar supply deficit in 2015 and 2016. It could also slow down talks between millers and potential investors and lead to more closures of indebted firms.

ICRA bullish on near-term sugar prices after import duty hike.
Ram Gopal Yadav (8 years ago)

Prices of sugar in the domestic market are likely to rise in the near term as import duty on the commodity has been hiked. 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. The country sugar production is estimated to have fallen to around 20.3 million tonne in 2016-17 (Oct-Sep), sharply down from 25.1 million tonne a year ago.

ISMA pegs 2017-18 sugar output at 25 million tonnes.
Ram Gopal Yadav (8 years ago)

The Indian Sugar Mills Association has pegged the country sugar output in 2017-18 (Oct-Sep) at 25.1 million tonnes, up 23.6 per cent from 20.3 million tonnes produced in the previous year. The three-top sugar producing states Uttar Pradesh, Maharashtra and Karnataka are expected to produce over 19.8 million tonnes of total sugar output during the next season.

Sugar prices down in Mumbai, up in Delhi.
Ram Gopal Yadav (8 years ago)

Prices of sugar fell in key wholesale markets of Mumbai as mills reduced their prices to stoke demand. Likely higher output in 2017-18 (Oct-Sep), backed by good monsoon rains have been weighing on prices. In Mumbai, the sweetener sold down 5 rupees from previous close. In Delhi, however, prices rose as supplies were disrupted due to religious processions on some routes connecting western Uttar Pradesh to Delhi.